…29 Nig Economic Summit Joint Planning Committee
By Tony Obiechina, Abuja
The Federal government has formally inagurated the Joint Planning Committee for the 29th Nigerian Economic Summit (NES#29) scheduled to hold on 24th and 25th October, 2023 in Abuja.
Speaking at the inauguration in Abuja, the Permanent Secretary, Ministry of Budget and National Planning, Nebolisa Anako said in order to ensure effective preparation for the 29th Summit, members of the JPC have been carefully selected in recognition of their pedigree, experience and knowleage in organizing previous Summits as well as keen interest in the development of the country.
He charged members of the committee to among others:
*Review the events/outcomes of the 28th Economic Summit;
*Make al preparatory arrangements for the successful hosting of the 29th Nigerian Economic Summit (NES#29), including developing programme of and timelines
for the implementation of the key activities at the Summit;
*Articulat the budgetary requirements, and the sources of funds for hosting the Summit;
*Propose the optimal strategy for funding the activities of the JPC and the Summit;
*Mobilize relevant public and private sector stakeholders for the Summit, especially at the Federal, State and Local Governments, as well as Development Partners and other key stakeholders;
*Prepare the Green Book for the NES #29, within 3 months of the completion of the Summit;
*Undertake any other work that may lead to the successful hosting of the Summit.
The Permanent Secretary appreciated the Public and Private Sector Co-chairs and member JPC for successfully organizing the 28 Nigerian Economic Summit and for working round the clock to produce the Green Book for the Summit in record time.
“I am aware that copies of the Green Book have been received by the Ministry and is being distributed to Federal Ministries Departments and Agencies (MDAs) as well as other critical stakeholders to facilitate the implementation of the Summit recommendations.
” I am also pleased to inform you efforts have been concluded to forward the Summit recommendations and outcomes to the Federal Executive Council (FEC) in form of Council Note for their information and guidance”, Anako.
He further stated that the Summit “provides a veritable platform for dialogue among policy makers, corporate leaders, organized private sector, civil society organization as well as development partners. It also provides the opportunity to strengthen the existing mutual and symbiotic relationship between the Public and Private sector business environment in the overall interest of our dear country”.
He noted that key outcomes of the annual Summits have always played important roles in shaping the policies of Government, adding that the Summit had in the past contributed to entrenching the culture of development planning in the country.
The Permanent Secretary added that the partnership had helped immesly in the development of the National Development Plan (NDP) 2021-2025 and the Nigeria Agenda 2050, stressing that the contributions of the group will continue to endure going
Speaking earlier, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Laoye Jaiyeola said since the establishment of the NESG in 1993, Summit has experienced significant growth, evolving into an annual gathering that unites influential policymakers, private sector leaders, and representatives from civil society for vital discussions.
He noted that as a crucial event for the government and business communities, it consistently provides a reputable and widely recognised platform for fostering consensus and mutual understanding on the country’s economic policy trajectory and growth strategies.
“Throughout its three-decade existence, the NES has garnered praise from national and international policymakers and business leaders, solidifying its status as the primary avenue for facilitating constructive public-private dialogues within Nigeria.
“However, as we acknowledge these advancements, we must also confront the harsh realities that our nation currently faces. Weak economic growth, high poverty rates, a rising cost of living, increasing unemployment, and widening income gaps continue to challenge us.
“These economic headwinds indicate that this is no time for a business-as-usual approach to economic governance.
In 2022, the global economy encountered many obstacles, including heightened political risks, energy and food shortages, and the lingering impact of the COVID-19 pandemic.
“Despite these formidable challenges, Nigeria’s economy exhibited resilience, sustaining its recovery from the recession of 2020 with an impressive 3.0 per cent expansion in real Gross Domestic Product (GDP) during the initial three quarters of the year”, he stated.
Olaoye pointed out that the 29th Nigerian Economic Summit is not just an annual event but represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better.
“We gather here today to justify the need for this year’s Nigerian Economic Summit. It seeks to be a pivotal turning point in our nation’s journey towards economic transformation. We must address the challenges head-on, engage in frank discussions, and devise innovative strategies to yield tangible results for all Nigerians.
“The NES #29 aims to achieve several crucial objectives. Firstly, it will facilitate an open and constructive dialogue that incorporates the views and ideas of all stakeholders. Secondly, it will foster an environment of collaboration, where the public and private sectors can work together hand in hand to co-create solutions that lead to shared prosperity.
“Thirdly, it will serve as a platform to present actionable recommendations to the government to formulate effective policies and reforms”, he added.
The NESG CEO commended the Ministry of Finance, Budget, and National Planning for their unwavering commitment to the partnership between the Nigerian Economic Summit Group and the Federal Government, adding that “through this synergy, we have achieved significant strides in the past, and through this partnership, we envision achieving even greater success”.
He also commended my President Bola Ahmed Tinubu and Vice President Kashim Shettima for their commitment “to sustain this 30-year collaboration that fosters honest and candid dialogues in the national interest on the platform of the Nigerian Economic Summit. Their belief in the power of public-private partnerships will be instrumental in driving the success of this forum, and we remain steadfast in our dedication to working together for the betterment of our nation”.
…29 Nig Economic Summit Joint Planning Committee
Tinubu’s 2024 Budget Speech: Budget of Renewed Hope
1. In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly.
2. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.
3. I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.
4. It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.
5. The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.
6. In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.
PREVAILING ECONOMIC ENVIRONMENT
7. Economic conditions remain challenging both abroad and at home. Despite lingering Post-Covid supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relative low rate has significant implications for our economy due to our current reliance on importation.
8. Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.
9. Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.
10. The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.
PERFORMANCE OF THE 2023 BUDGET
11. Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion nairawas projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percentof GDP.
12. As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.
13. Despite the challenges, we continue to meet our obligations.
THEME AND PRIORITIES OF THE 2024 BUDGET
14. Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.
15. Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.
16. Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.
17. To improve the effectiveness of our budget performance, government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.
18. To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.
19. A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment friendly measures for sustainable growth.
20. We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.
21. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium term expenditure framework is Nigeria’s commitment to a greener future.
22. Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.
23. As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.
24. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.
25. Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.
26. Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.
27. After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.
28. Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.
29. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
30. Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.
31. The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion nairafrom Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.
32. Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.
33. We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.
34. Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.
35. We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.
36. Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.
37. As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
38. I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.
39. As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.
40. In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.
41. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.
42. I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.
43. May God bless the Federal Republic of Nigeria.
Delivered By: His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR
President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja
Wednesday, November 29, 2023
Old Naira Notes: CBN Affirms Supreme Court’s Ruling
By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has affirmed the Supreme Court’s ruling on Wednesday that the Old Naira notes will remain legal tender of the country till further notice.
The apex bank in a statement signed by the new Acting Director of Corporate Communications, Mrs Hakama Sidi Ali on Wednesday also directed banks to comply with the Apex Court’s ruling to issue and accept old notes alongside the redesigned
The Supreme Court had ruled on Wednesday the old naira notes will remain legal tender till further notice.
It also ruled that the old currencies will continue to “co-exist” with the new naira notes as legal tender.
The ruling followed an application entered by the Attorney-General of the federation and Minister of Justice, Lateef Fagbemi SAN.
The CBN statement reads: “Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, the Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBS).
“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500, and N1, 000 banknotes shall continue to be legal tender, alongside the re-designed versions. Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN), will continue to remain legal tender, indefinitely.
“Members of the public are enjoined to continue to accept all Naira banknotes (old or re-designed) for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes.”
The bank also urged Nigerians to use alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.”
Re-appointment: Stop Issuing Goodwill Messages, Kyari Urges Stakeholders, Nigerians
Malam Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited, has urged stakeholders and Nigerians to refrain from issuing congratulatory messages on his re-appointment.
Kyari, in a statement issued on Wednesday by Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, expressed gratitude to stakeholders and Nigerians for their enthusiasm regarding his reappointment by President Bola Tinubu.
He, however, expressed the need for commitment by all the stakeholders to driving revenue growth and fortifying resilience for the naira and the nation’s economy.
Kyari, who said that he viewed his reappointment as a renewed challenge, expressed his commitment to stabilising the oil industry and enhancing service delivery for increased revenue.
“I humbly appeal to stakeholders in the oil sector and fellow Nigerians to support the company under his leadership to ensure the success of its mandate.
“Consequently, I request all parties concerned to refrain from issuing congratulatory messages on his reappointment,” the statement said. (NAN)
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