By Ismail Abdulaziz

President Bola Tinubu on Wednesday presented a budget of N27.5 trillion for 2024 to the National Assembly for approval.

Presenting the budget tagged ‘’Budget of Renewed Hope’’, Tinubu said that it main focus was on national defence, internal security, local job creation and macro-economic stability.

He said that the budget was made up of N9.92 trillion non-debt recurrent expenditure and N8.7 trillion capital expenditure, while N8.25 trillion was for debt service.

“Accordingly, an aggregate expenditure of N27.5 trillion is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92 trillion, while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion.

‘’Nigeria remains committed to meeting its debt obligations. Projected debt service is 45 per cent of the expected total revenue.

“The budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of GDP. This is lower than the N13.78 trillion deficit recorded in 2023, which represented 6.11 per cent of GDP.

‘’The deficit will be financed by new borrowings totaling N7.83 trillion, N298.49 billion from Privatization Proceeds, and N1.05 trillion draw down on multilateral and bilateral loans secured for specific development projects,” Tinubu said.

He said that the budget would also place priority on investment environment optimisation, human capital development, poverty reduction and social security.

Tinubu said the nation’s internal security architecture would be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

He said that the budget prioritised human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.

“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.

“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,” the President said.

On the economy, Tinubu said a stable macro-economic environment was crucial in his administration’s bid to catalyse private investment and accelerate economic growth.

He said that the government would continue to implement business and investment friendly measures for sustainable growth.

“We expect the economy to grow by a minimum of 3.76 per cent, above the forecasted world average. Inflation is expected to moderate to 21.4 per cent in 2024. ‘’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.

“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,’’ he said.

Tinubu added: ‘’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.

“As we approach the COP28 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.

‘’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.

“Together, we will strive for Nigeria to emerge from COP28 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.”

The President said a conservative oil price benchmark of 77.96 dollars per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a review of global oil market trends, and that a naira to dollar exchange rate of N750 per dollar was adopted for 2024 as well.

Tinubu said his administration 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.”

He also said efforts would be made to further contain financial leakages through the effective implementation of key public financial management reforms.

The President commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa’s largest population.

“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.

‘’I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programmes with equitable benefits are allowed into the 2024 Budget.

‘’Additionally, only projects and programmes that are in line with the sectoral mandates of MDAs and those which are capable of realizing the vision of our administration should be included in the budget,” the President said.(NAN)

KC/IS/ABI

By Salisu Sani-Idris

A young Nigerian entrepreneur and Founder of Greenway Business Chains, Mr Olamipo Oladunjoye, has been nominated for the prestigious Under-30 CEOs Award.

The Under-30 CEOs Award is set to be organised by the CEOs Network Africa.

Mrs Mina Obeten, Chairperson of the Award Committee, made this known in a statement on Wednesday in Abuja.

Obeten reiterated the organisation’s steadfast commitment to nurturing the growth of young African talents, emphasising the remarkable achievements of the nominees.

According to her, the voting process will remain open until Dec. 6.

She said Oladunjoye, who is an Engineer by training and profession, boasts a remarkable 13-year track record as a seasoned entrepreneur.

Obeten added that his expertise encompasses various aspects of the business world, including the art of persuasion, people management, risk analysis, and leadership.

” Through strategic delegation, teamwork, and resource management, he consistently demonstrates a keen ability to navigate the challenges of entrepreneurship.

” With a profound understanding of digital technology, Oladunjoye has successfully integrated innovative solutions into his business strategies, ensuring he stays ahead in the dynamic landscape of the modern retail environment.

” His proficiency in customer relationship management not only enhances client satisfaction but also propels his business achievements.”

Obeten disclosed that throughout his entrepreneurial journey, Oladunjoye had accumulated notable achievements.

” Oladunjoye was awarded the Tier 1 graduate entrepreneur visa to start a business in the United Kingdom.

” As an exceptional talent, he established valuable connections with the Bank of Industry as an electronic supplier, and received recognition from multiple foundations as a serial philanthropist.

” His business, Greenway, has been acknowledged as one of the fastest-growing SMEs in Nigeria by Business Day 2023, with revenues nearing a billion Naira per annum.

” This further underscores his business acumen and the impact he has on the national business landscape,” she added.

Obeten said that Oladunjoye’s overarching goal was to create an economy where the public would have easy access to a wide range of products that enhance the quality of life at an affordable price.

” His vision reflects a commitment to the sustainability of the economy, where accessibility and affordability are paramount considerations.” (NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

By Kadiri Abdulrahman

The Federal Government has assured foreign investors interested in the Nigerian mining sector of conducive business environment and low production cost to boost their profitability.

The Minister of Solid Minerals Development,  Dr Dele Alake said this while addressing global stakeholders at “Mines and Money Conference” which opened in United Kingdom on Tuesday.

According to a statement by Kehinde Bamigbetan, the Special Adviser to the Minister, Alake called for more investment in Nigeria, listing unique advantages such as lower production cost due to surface mining and billions of dollar untapped minerals.

He quoted recent reports by audit firm KPMG, which reported that the contribution of mining to Nigeria’s Gross Domestic Product (GDP) rose from 0.3 per cent to 0.85 per cent in 2022, indicating 0.63 per cent year-on-year growth.

“The country’s geological bounty encompasses more than 44 distinct mineral types found in exploitable quantities across more than 500 locations.

“Recently, recognising the evolving global landscape, and in response to emerging trends, lithium has been included as a crucial strategic mineral of global consequence,” he said

Alake said the administration of President Bola Tinubu had embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.

He highlighted fresh data revealed by the Airborne Geophysical Survey, and Memorandum of Understanding (MoU) with German firm Geoscan to gather more data on solid minerals across the country.

The minister also cited access to finance through a new funding facility inaugurated by the Africa Finance Corporation and the Solid Minerals Development Fund as incentive for investors.

He reminded the global mining community of the Federal Government’s policies on how mining operations must benefit the communities and lead to processing instead of wholesale export of raw minerals.

“Nigeria is currently emphasising Solid Minerals Beneficiation and Value-Addition as a panacea for quick and sustainable growth of the Mining Industry.

“By adding value to our raw materials, we not only create higher value products but also generate employment opportunities for our teeming youth and increase the sector’s overall profitability and contribution to the nation’s GDP, ” he said.

He urged investors to support socio-economic development of the communities where they mine to make mining mutually beneficial.

He cited the recent inauguration of the revised guidelines for Community Development Agreement, which provides for social amenities, educational support, health and safety environmental facilities. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Okeoghene Akubuike

As the economic hardship takes a toll on Nigerians, Clinical Psychologist, Adedotun Ajiboye has advised people to live within their means.

He also advised Nigerians to be their brothers’ keepers to avoid mental health issues.

Ajiboye who works with the Ekiti State University Teaching Hospital, Ado Ekiti, gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

NAN reports that the latest inflation data from the Nigerian Bureau of Statistics (NBS) shows a continuous increase in the prices of food items in the country leaving many Nigerians hungry and barely able to feed properly.

Ajiboye who is also a Counselor, said a bad economy could affect the mental health of a person and negatively impact their biological, psychological, and social status.

“There is a concept called Bio psychosocial and I will link a bad economy to this concept.

“This concept contains the biological, which includes your brain to different parts of your body.

“The second is the psychological, which has to do with your mental health and lastly the social, which has to do with your family, workplace, academics, and the status of an individual.’’

He said a bad economy could affect a person’s biological status.

” For instance, if the person is unable to eat because of lack of money. When an individual does not have money to eat, the biggest issue will be malnutrition.

“And the best medicine is not to use medication but to eat good food, that is having a balanced diet.

“ When you are not capable of buying the components that make up a balanced diet, there will be malnutrition and when someone is malnourished there will be a lot of diseases manifesting.

“These diseases will lead to other diseases that can lead to death. If someone has financial challenges the health of that person will be affected.’’

On how bad economy affects the psychological/emotional status, Ajiboye said studies had shown that it could affect a person’s mental health leading to anxiety and depression.

“ When you are malnourished and getting sick, the person is sad and what is bringing about that sadness? It is because the person is sick in their body.

“ You can see the spiral effect of the bad economy, initially it affects the biological status (the body)and it is now transferred to the psychological status.

“ When you know your children are hungry and you cannot feed them, it will make you sad and because of that you may not be able to sleep and when your sleep is lost, it can lead to a toxic disorder.

“Someone may begin to hallucinate because of insomnia (disruptions in how you feel or function because you are not sleeping well or sleeping enough) because of negative emotions and worrying about tomorrow.

“You begin to have thoughts of hopelessness when you cannot sleep and this leads to depression and can lead to suicide.’’

He said another effect of the bad economy on the psychological status of a person had to do with behaviour.

Ajibioye said many Nigerians were going into deviant behaviours, such as internet fraud popularly called “yahoo yahoo”, and gambling which had led to substance addiction such as marijuana, codeine, and tramadol use.

“All these are behaviours but it started with a mood disorder; someone is confused about life and wants to medicate and overcome the challenges.

“So that thought process has graduated to bad behavior and bad habits which has led to social vices like internet fraud, and theft. It can also lead to ritual killings and gender-based violence.

“A husband who does not have money may abuse the wife, not really because he wants to but we have what we call transfer of aggression.

“When you do not have money and you do not have self-control you will be angry. Therefore, if the economy is okay, some of these bad behaviours will not be seen.’’

The clinical psychologist said that poor economy could affect the social status of a person in the area of socialisation.

He said if a person could not afford to go beyond primary or secondary school education their skills and potential would be limited.

“Even if you have a talent, you may not be able to explore them; low self-esteem will set in and if that person marries, the person may not settle because there may be some inferiority feelings and transfer of aggression.

“We see a lot of divorce happening now and marital discord because of inferiority feelings caused by lack of socialisation.

“If you take 10 couples with marital issues and ask them the cause and they are sincere, their answer will be related to money, and financial difficulty.

“Apart from the family, a bad economy can affect a person in their workplace. Many dubious and fraudulent acts are going on in the workplace.

“The person gets involved in such acts of fraud because of fear of the unknown and thinks if they leave that position how will they feed their family; so they will steal because they have the opportunity.”

Ajiboye, however, said this was a bad approach to cope with financial stress caused by a bad economy.

“So we see the effects of a bad economy. It has a spiral effect; homes, workplaces, and even churches have been affected. You hear people stealing money in church.’’

He said some ways to address the effects of a bad economy on mental health was for people to be their brother’s keepers and live within their means.

“If the government is not helping us, we can help ourselves.

“Let us reduce our extravagant lifestyle, like buying expensive asoebi, and exotic cars. Such money can be used to create organisations that will employ and empower people.

“I am not saying we should not socialise but wisdom is profitable to direct. So what we followers are doing is also outrageous, there is what you call calculated risk that will lead to negative outcomes.

“For example, do not say because my friend put his kids in a private university, I must do the same. That would be a misplaced priority, cut your cloth according to your size

“As families and individuals, let us help ourselves not waiting for what the government will do for you. The government cannot do everything for you. Learn a skill so you can stand on your own.

Ajiboye urged the government to have conscience and do the needful, knowing there would be a payday and whatever you sow you would reap.

“Both leaders and followers can help our economy become good. You may never have poor mental health if you can manage yourself and live within your means.’’ (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Salisu Sani-Idris

The Presidency has established the first ever Nigeria Philanthropy Office (NPO), a private sector-led coordinating office domiciled in the Office of the Vice President.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, made this known in a statement on Sunday in Abuja.

He said that the Federal Government in collaboration with International philanthropic organisations and partners would raise 200 million dollars to create jobs and support the Micro, Small and Medium Enterprises (MSMEs).

Adekunle-Johnson explained that the funds raised would be invested in key programmes and projects that would create opportunities for employment across different target sectors.

This, according to him, will facilitate growth in the MSMEs space.

He stated that the office would facilitate high level philanthropic support and impact investment for the MSMEs targeted sectors that have job creation potential.

He noted that the mandate of the new office aligns with the job creation vision of President Bola Tinubu and the administration’s ongoing work in the MSMEs space.

Adekunle-Johnson said that the office would contribute towards achieving the Federal Government’s job creation goals by working with donors, impact investors, financial institutions, and foundations.

This will enable them to catalyse key interventions with potential for employing many Nigerians.

” The office will specifically focus on providing catalytic and non-catalytic support for existing and new entrepreneurs in the following sectors.

” Fashion entrepreneurs, irrigation Solution, Solar Panel Facilities, Agro Processing, Mechanised Industrial Facilities, Furniture entrepreneurs, Sustainable Agribusinesses, Renewable energy solutions.”

Adekunle-Johnson added the office would support the establishment of 12 Mega Hubs and shared office spaces across the country.

He disclosed that the Vice President Kashim Shettima has appointed an implementation committee for the office.

According to him, the committee consist of local and international philanthropic and impact investing organisations.

Others are the financial institutions and the Bank of Industry (BOI), NEXIM Bank, Wema Bank, Access Bank and the Nigeria Content Development Monitoring Board.

He said that Ms Thelma Ekiyor-Solanke will serve as the Chairperson of the NPO and the implementation committee.

He added that Ekiyor-Solanke has over 23 years experience working in the international development, philanthropy and impact investment sectors.

Adekunle-Johnson stated that she is the current Chairperson of SME.NG, member of Nigeria’s National Advisory Board on Impact Investing (NABII) and the Chairperson of the Centre for Analytics and Behavioural Change (CABC) in South Africa.

He also said that Ekiyor-Solanke has a law degree from the University of Buckingham, an MBA from Imperial College London and is currently completing a Doctorate at Cranfield University, UK.

Adekunle-Johnson revealed that the secretariat for the committee would be coordinated by the Senior Special Assistant to the President on MSMEs and Job Creation. (NAN)

Edited by Ekemini Ladejobi