FG Allocates over N300bn to Innovative programmes in 2024 Budget
By Patience Ikpeme
In a significant move to revitalize key sectors and empower the youth, the federal government has allocated substantial funds for innovative programmes in the 2024 budget.
Senator Abubakar Atiku Bagudu, Minister for Budget and Economic Planning, unveiled these initiatives at a press briefing in Abuja.
A critical focus of the budget is the manufacturing sector, facing challenges in production efficiency and market reach. To address this, a N100 billion consumer credit fund has been established. This fund is expected to act as a catalyst, promoting consumer spending on locally manufactured goods and stimulating production growth. Senator Bagudu emphasized the fund’s role in propelling the sector towards global competitiveness.
Recognizing the potential of the agricultural sector, the budget allocated another N100 billion to establish a National Agriculture Reform Fund. This fund aims to transition some agricultural responsibilities from the public sector to the private sector. A key element is the N100 billion Agricultural Development Fund, which will support the National Agriculture Development Agency. This collaboration is expected to attract private investment and unlock funding for previously neglected areas within agriculture.
The budget 2024 budget prioritizes expanding access to affordable housing. A N65 billion development fund aims to de-risk the mortgage industry, encouraging its growth and attracting further investment. Senator Bagudu acknowledged the limitations of the public sector in meeting housing needs and emphasized the importance of lowering interest rates to serve all income levels.
The government’s commitment to clean energy is evident in the increased allocation to the CNG/clean energy transition fund. Building on the initial N100 billion allocation, additional funds have been included to support the adoption of clean energy sources such as CNG vehicles. This initiative is expected to reduce reliance on fuel subsidies and lower transportation costs.
The budget demonstrates a strong focus on education and youth empowerment. An additional N50 billion has been allocated for student loans, aiming to bridge the financial gap for students seeking higher education. Senator Bagudu highlighted the importance of student loans in fostering a skilled workforce, similar to established systems in developed nations.
Furthermore, the creation of a dedicated Ministry of Youth is a significant development. This ministry, along with a N21 billion project preparation fund, will spearhead initiatives specifically focused on youth development.
Senator Bagudu underlined the government’s commitment to fostering economic growth through innovative budget allocations. These initiatives target crucial sectors like manufacturing, agriculture, housing, clean energy, education, and youth development. The minister expressed confidence that these investments will contribute significantly to the nation’s overall development and create a brighter future for Nigerians.
