Link to Article: Tinubu Presents Nigeria’s 2024 Budget to National Assembly
A budget of over 2 billion US dollars has been approved by the FEC on Monday and it has been granted for Nigerian president Bola Tinubu. Tinubu will present the budget to the joint session of the National Assembly. As the president’s first full year budget he’s received since he became elected he has plans to get it approved in due time. Both the Senate and the House of Representatives passed the budget in a span of a few days with only minor adjustments. Access to the premises during this session was restricted meaning banks and other businesses were not granted access. At the beginning of this session Tinubu remarked, “I feel at home, feeling welcomed.” In his high spirits he proclaimed, “We expect the economy to grow by a minimum of 3.76% above the forecasted world average.”
A passing of a budget like this gives lots of wiggle room for the Nigerian president. Being very involved with the development of the continent of Africa and not just his own nation could prove to be very beneficial. Money is a vital resource that doesn’t come so easily to African nations and is essential to any sort of progression. With the expectation being an almost 4% growth to the economy as previously mentioned. The benefits of such a budget could prove to be highly exciting and we can possibly see them for years to come. With a high amount of money in possession of African nations being from foreign aid we can only hope that this money will be put toward the realization of profit generated by the African nations themselves, such as Nigeria.
Through multi country initiatives the United States government gives high amounts of money and aid to African nations. Such organizations as PEPFAR, Feed the Future, Prosper Africa, and Power Africa. Being able to address environmental, social, and governance issues is the first step toward African prosperity. Money and time are resources that are needed for the next step on this journey. The money has been provided, given some time we could see very positive effects on the region.