The Lawmaker representing Imo West Senatorial district, Senator Osita Izunaso has lauded President Bola Ahmed Tinubu’s N27.5 trillion 2024 appropriation bill presented to the joint session of the National Assembly on Wednesday, November 29, 2023.
Addressing the National Assembly in Abuja, President Tinubu said Nigeria’s national defence and internal security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security are some of the top priorities of the ‘Budget of Renewed Hope’.
The President also said the nation’s internal security architecture would be overhauled to enhance law enforcement capabilities, with a view to safeguarding life, property, and investments across the country.
Speaking with Voice of Nigeria after the budget presentation, Senator Izunaso said there are lot of hope in the proposed bill that has taken care of critical issues in the country’s economy.
“Of course there are lots of hopes in the budget. It’s an encompassing budget that have taken care of security, it has taken care of youth unemployment, it has taken care of vulnerable person, it has taken care of public-private sectors partnership, it has taken care of virtually everything you can think of, in fact, it is the budget of the renewed hope, and don’t forget it is his first budget as the President, and if the first budget would be like this, then, there is hope for this country.” Senator Izunaso said.
He said his only worry about the budget is its funding, which the President has allayed his fair about in his presentation.
“I only worried about few aspect of the budget, which include the funding of the budget, but Mr. President said we are going to borrow for new borrowing because the debt profile of these particular budget is about eight point something trillions out of twenty-seven point something trillions, they are going to pay debt of about eight point something trillions, now, how are you going to fund the remaining part of the budget, so we are going to go for new borrowing, but this new borrowing is not something that will be so high, because the non-debt is about nine point something trillions, while the capital project is about eight point two five trillions, so I think there is a lot of sense in it, and the dollar has predicted on one dollar per seven hundred and fifty naira, what that means was that government must work hard to make sure that becomes reality from January 1st because dollar is about nine hundred and ninety official rate, which mean, it has to come down to seven hundred and fifty as budget is is taken effect from January first. I think government has given itself a milestone that they must meet. So, we going to work together to ensure a speedy passage of the budget, so that by January first, this budget can take effect.”
The Senator, who is also the Chairman Senate Committee on Capital Market also appreciated the President’s efforts in wooing foreign investors to Nigeria.
“COP28 Climate Summit is taking place in Dubai, Nigeria is going to be there, focus with the clear mind on cooperating with other countries that will bring investors into our country to address critical world issue of climate change. This is a focus government, you know the President has been going all over the world, asking investors to come, by the time they come in, give our economy four months, it will change,” Senator Izunaso said.
Senator Izunaso who also expressed happiness that the budget will address many burning disturbing issues, said the National Assembly is going to carefully study the proposed 2024 budget, scrutinizing every aspect of it, before given justice to it.
“It’s going to be tight, few days to new year, it’s extremely tight, but once you work between requirements, am sure we will achieve our objectives. There is no cause for alarm, the country is on course, the most important thing in the budget to me is the youth unemployment that this budget is going to address. The budget is going to provide funds to alleviate the suffering of twenty million homes. So there is hope. We are going to work on holidays, who cares, to make sure we achieve that.”
President Tinubu had on Wednesday, November 29, 2023 presented a record N27.5 trillion 2024 appropriation bill to the joint session of the National Assembly.
It is the President’s first budget presentation before the joint session of the National Assembly since he assumed office on May 29, 2023.
