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Bola Tinubu’s 2024 Budget Speech [Full Text]
President Bola Tinubu, on Wednesday, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago.
Read the full speech below:
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. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the 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.
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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 relatively 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.
11. Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of 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, the 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.
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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.
Abia State
2027: Prepare Your Will If You Plan to Write Election Results in Abia — Governor Alex Otti Warns

Abia State Governor, Dr. Alex Otti, has cautioned individuals plotting to manipulate the 2027 governorship election results to first “write their wills” before embarking on such a dangerous mission.
Speaking during his monthly media chat in Umuahia, the governor emphasized that his statement was not a threat but a caution informed by intelligence reports suggesting that some displaced politicians are boasting about plans to “write” election results in 2027.
“This is not a threat but a warning. If you are planning to write election results in Abia, please write your will first,” Otti declared.
He dismissed remarks attributed to the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, noting that power ultimately belongs to God.
“I do not have the anointing to speak about what will happen in 2027 in 2025. But I know that power belongs to God, and He gives it to whom He wants. We should not speak when the Lord has not spoken,” he said.
Governor Otti advised Kalu to focus on his duties at the National Assembly, adding that there was no animosity between them despite the Deputy Speaker’s repeated public criticisms.
“My relationship with the Deputy Speaker didn’t start with politics. This is the second time he has publicly attacked my administration. I forgive him, but I think he suffers from what I call ‘Information Deficiency Syndrome.’”
He further clarified that according to the Protocol Act of 2000, the sixth position in Nigeria’s political hierarchy belongs to the Deputy Senate President, not the Deputy Speaker.
On Governance and Infrastructure
Governor Otti commended the Abia State Environmental Protection Agency (ASEPA) for its consistent efforts in maintaining a cleaner environment across Aba, Umuahia, and Ohafia.
“We are now moving to the next phase of waste management — recycling and turning waste into wealth,” he said, disclosing ongoing engagements with investors and institutions to actualize the plan.
The governor also announced progress in reviving key moribund industries, including Star Paper Mill, Aba Textile Mill, and Modern Ceramics, through collaborations with the Asset Management Corporation of Nigeria (AMCON) and other stakeholders.
“Government is an enabler. Our goal is to revive these industries, hand them to professionals to run as private entities, and create jobs for our people,” Otti stated.
Education and Health
Governor Otti reaffirmed his administration’s commitment to transforming the education sector, revealing that over 5,395 new teachers have been deployed across the state, with plans to recruit an additional 4,000 due to rising enrollment.
He also highlighted improvements in healthcare delivery, including the reconstruction of general hospitals and recruitment of over 774 healthcare professionals, with applicants coming even from other African countries.
“We are building a health system powered by renewable energy to ensure every community has access to quality healthcare,” he said.
Power and Infrastructure Expansion
Governor Otti announced the installation of nearly 8,000 solar-powered streetlights across the state and ongoing projects aimed at achieving steady electricity supply in Aba, Umuahia, Bende, and Ohafia.
“When Aba Power reaches its full capacity of 188 megawatts, excess power will be distributed to Umuahia and other parts of the state. Light brings development, and darkness disappears where there is light,” he said.
He disclosed that President Bola Tinubu’s representative, Senator Dave Umahi, recently commissioned eight newly completed roads in Abia, with more infrastructure projects including the 25km Umuahia–Ikot Ekpene Road and Ihechiowa Ring Road set to begin soon.
On Defection Rumours
Governor Otti debunked speculations about plans to defect to the All Progressives Congress (APC), stating that he remains committed to his principles.
“You don’t take decisions simply because others are taking them. We are not people who follow the crowd,” he affirmed.
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News
American Accuses Reno Omokri of Deception, Calls Him “Pathological Liar” as Omokri Dismisses Christian Genocide Claims

A former Texas Mayor, Mike Arnold, has accused former Nigerian presidential aide Reno Omokri of deception and manipulation, describing him as a “pathological liar” who thrives on calculated deceit.
In a viral post on X (formerly Twitter), Arnold said he had witnessed Omokri’s alleged dishonesty firsthand during personal and professional encounters both in the United States and Nigeria.
“The truth about Reno Omokri is sad. I’ve seen it up close. Reno doesn’t lie like most liars. He lies calm, cool, constant. Up close, he’s reptilian. Chilling. Soulless. Yet so charming,” Arnold wrote.
Arnold, who claimed to have hosted Omokri in Texas and attended his birthday safari in Kenya, accused the former presidential aide of falsifying events, exaggerating connections, and fabricating ownership of luxury assets.
He recounted an incident where Omokri allegedly showcased luxury cars online, falsely claiming ownership of two vehicles belonging to Arnold’s friend.
Arnold also alleged that during a fact-finding mission to Nigeria on Christian persecution, Omokri promised high-level meetings with President Bola Tinubu, NSA Nuhu Ribadu, and the Sultan of Sokoto, none of which materialized.
“Looking back, those promises were props for his narrative for clout and manipulation,” he wrote.
Arnold further accused Omokri of misrepresenting him on Nigerian television, falsely introducing him as the current mayor of Blanco, Texas, and a close associate of U.S. Senator Ted Cruz.
“On live TV, he called me a Republican mayor—we don’t even have partisan municipal elections. He also said I’m a personal friend of Ted Cruz. False,” Arnold stated.
Quoting Psalm 101:7, Arnold said Omokri’s actions were “soulless” and “evil,” adding that “lying to cover up the Christian genocide raging in Nigeria is a bridge too far.”
“People must know Reno Omokri is a pathological, habitual, calculating, self-serving liar from someone who knows him personally so they won’t trust his sleazy attempts to bury the blood of tens of thousands of Nigerian martyrs with the manure spewing from his mouth,” Arnold wrote.
He also accused Omokri of harboring political ambitions, claiming that he plans to run for vice president under National Security Adviser Nuhu Ribadu.
Omokri, however, recently appeared on Arise News Night, dismissing reports of a Christian genocide in Nigeria as “ludicrous,” insisting that both Christians and Muslims are victims of insecurity across the country.
“Killings happen equally to Christians and Muslims,” Omokri said, urging Nigerians not to allow Western narratives to sow religious division.
The exchange has since sparked intense debate online, with many Nigerians weighing in on the authenticity of Arnold’s claims and Omokri’s controversial statements on religious persecution.
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Biafra
BREAKING: Nnamdi Kanu’s Ailment Not Life-Threatening – Court Adopts NMA Findings

The Federal High Court in Abuja has adopted a medical report by a panel set up by the Nigerian Medical Association (NMA), which found that the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, is not suffering from any life-threatening ailment.
The NMA panel, constituted by the association’s president on the order of Justice James Omotosho, was tasked with determining Kanu’s actual health condition following conflicting claims from medical experts representing both the prosecution and the defence.
According to the report submitted to the court on October 13 by the prosecution team led by Adegboyega Awomolo (SAN), and partly read in open court on Thursday, the panel concluded that Kanu’s condition is not life-threatening and that he is fit to stand trial.
Justice Omotosho, citing the report and noting no objections from either side, ruled that the trial would proceed.
The judge subsequently granted the defence six consecutive days — from October 23 to October 28 — to open and close its case.
Additionally, the court approved an oral application by defence counsel, Kanu Agabi (SAN), requesting that Kanu’s legal team be allowed to hold private consultations with him outside the Department of State Services (DSS) facility to ensure confidentiality.
Justice Omotosho ruled that the private meeting will take place in the courtroom between 9 a.m. and 12 noon on October 22, with only Kanu and his lawyers present.
The court further ordered that Kanu should continue receiving medical care at the DSS medical facility pending further proceedings.
One of Kanu’s lawyers, Aloy Ejimakor, confirmed the development after Thursday’s sitting.
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News
Bayelsa Governor Douye Diri Resigns from PDP with 23 Assembly Members

Bayelsa Governor Douye Diri Resigns from PDP with 23 Assembly Members
Bayelsa State Governor Douye Diri announced his resignation from the Peoples Democratic Party, PDP on Wednesday during a state executive council meeting in Yenagoa, accompanied by 23 members of the Bayelsa State House of Assembly, including Speaker Abraham Ngobere and Deputy Speaker Faithful Ebi.
His Chief Press Secretary, Daniel Alabrah, confirmed the move, attributing it to ‘obvious reasons’ without specifics, while Diri thanked PDP supporters and reaffirmed his dedication to Bayelsa’s progress.
“Today, I have formally resigned my membership from PDP for obvious reasons.” – Bayelsa State Governor, Douye Diri.
The defection ends the PDP’s control of the state since 1999 and hints at a potential shift to the All Progressives Congress before the 2027 elections.
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News
Davido Announces 5IVE Alive Tour in Five Cities in Nigeria

Nigerian Afrobeats star Davido has revealed the Nigerian dates for his 5IVE Alive Tour, linked to his fifth studio album released in April 2025, following a successful North American run.
The tour kicks off on October 26 in Uyo, Akwa Ibom, and includes stops in Yola, Enugu, Ibadan, culminating on December 25 in Lagos.
Tickets are now available starting at ₦5,000 for most venues, with fans urged to purchase quickly amid high demand.

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