President Bola Tinubu, has projected the federal government’s plan to target a 21.4% inflation rate for the 2024 fiscal year.
Addressing the National Assembly during the presentation of the 2024 appropriation bill on Wednesday, Tinubu stressed the government’s commitment to curbing inflation and fostering economic stability.
In his address, the President stated, “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.”
Tinubu’s speech outlined a multifaceted approach focusing on critical infrastructure projects aimed at reducing the costs of doing business and improving living standards.
Emphasizing the importance of a stable macro-economic environment, he expressed confidence in achieving a minimum of 3.76% economic growth, surpassing the world average.
Expanding on the economic agenda, Tinubu highlighted, “Our government is diligently positioning the country for investment programs to drive economic growth and eliminate financial leakages.”
In line with the agenda to enhance social security, Tinubu announced an expansion of the National Social Safety Net project. “We remain committed to broad-based economic prosperity. Efforts are underway to not only provide targeted cash transfers to the most vulnerable households but also to graduate beneficiaries towards productive activities and employment,” he emphasized.
This announcement comes at a time when Nigeria’s inflation rate stands at an almost two-decade high of 27.33%, with projections by KPMG indicating a potential increase to 30% by December 2023.
Tinubu’s proposed measures aim to tackle inflationary pressures, foster a conducive investment climate, and propel sustainable economic growth while prioritizing social welfare initiatives.