Economic experts outlined the agenda for the federal government in the wake of President Bola Ahmed Tinubu signing the 2024 budget. Ordinary Nigerians, speaking to Daily Trust, expressed their urgent need for relief from economic challenges. President Tinubu, after spending the holidays in Lagos, signed the N28.78 trillion budget and outlined his commitment to its efficient implementation,Daily Trust reports.
The Lagos Chamber of Commerce and Industry (LCCI) urged Tinubu to attract private sector investment into the power sector’s transmission segment to ensure technical and financial capacity. LCCI’s Director-General, Chinyere Almona, emphasized the necessity of addressing the power sector’s structure and cautioned about the impact of removing the fuel subsidy.
NECA’s Director-General, Adewale-Smart Oyerinde, stressed the importance of fiscal discipline and addressing multiple taxes paid by manufacturers. He called for a review of legislative and regulatory frameworks affecting the economy.
Professor Adeola Adenikinju highlighted the need to shore up oil revenue, block leakages, and address oil theft. He urged the government to focus on domestic production, particularly in the areas of electricity, food security, and tackling inflation.
Economist Paul Alaje emphasized the removal of barriers to investments by both federal and state governments. He urged governors to actively promote their states as attractive investment destinations.
Afrinvest’s 2024 outlook emphasized the importance of ongoing reforms, improving the business environment, enhancing national security, and narrowing structural gaps for favorable economic outcomes.
The Peoples Democratic Party (PDP) demanded accountability for the nation’s earnings, especially from the subsidy removal, alleging diversion to private pockets. The party called on the National Assembly to hold the executive accountable.
The Labour Party (LP) criticized Tinubu’s New Year speech, labeling it as arrogant and lacking empathy. The party highlighted the president’s failure to address critical issues such as insecurity, infrastructure decay, and economic challenges.
President Tinubu, after signing the budget, emphasized its efficient implementation and monitoring. The budget priorities include defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.
Nigerians expressed concerns about inflation eroding their capital, emphasizing the unpredictability of the market. Security was highlighted as a priority, with calls for the government to address insecurity at national and subnational levels. Expectations included implementation of the budget, provision for the less privileged and SMEs, and action-oriented leadership.