By Yemi Olakitan
President Bola Ahmed Tinubu has outlined Federal Government’s plans to plant 25 million trees in 2024 fiscal year under the Green Nigeria Initiative (GNI).
This was contained in the 2024 budget proposal for Nigeria which was presented to the joint sitting of The Senate and House of Representatives.
Explaining the GNI proposal for which N1.5 trillion has been budgeted, the President said 25 million trees will be planted to restore degraded lands and create green jobs for the youth.
President Tinubu who reiterated the commitment of his government to the greener future of Nigeria said the GNI is a critical focus of the 2024 budget and the Medium-Term Expenditure Framework.
He said his administration is committed to reducing greenhouse gas emissions, increasing renewable energy sources, and promoting environmental sustainability.
The President also disclosed the implementation of a new climate change plan which aims to reduce greenhouse gas emissions, enhance climate resilience, and promote low-carbon development.
According to him, the National Climate Change Action Plan (NCCAP) is a comprehensive framework that outlines Nigeria’s priorities and strategies for addressing the challenges and opportunities of climate change.
The NCCAP covers various sectors and themes, such as adaptation, mitigation, gender, health, agriculture, water, energy, transport, and disaster risk management.
He said the NCCAP also aims to achieve the resilience and adaptive capacity of vulnerable communities and ecosystems to climate change impacts, reduce greenhouse gas emissions and promote low-carbon development pathways.
Other objectives include to mainstream gender and human rights perspectives into climate change policies and actions, and strengthen institutional and technical capacities for effective climate change governance and coordination.
The plan also includes mobilizing resources and fostering partnerships for climate change action, raising awareness and fostering behavioural change on climate change issues.
The NCCAP is aligned with Nigeria’s commitments under the Paris Agreement, the Nationally Determined Contributions (NDCs), as well as Sustainable Development Goals (SDGs) and the African Union Agenda 2063.
The new action plan also builds on the previous National Climate Change Policy Response and Strategy (NCCPRS) and the National Adaptation Strategy and Plan of Action on Climate Change for Nigeria (NASPA-CCN).
The NCCAP is expected to have significant benefits for Nigeria’s social, economic, and environmental development, such as improving food security, health outcomes, energy access, infrastructure quality, and biodiversity conservation.
The NCCAP also provides opportunities for Nigeria to participate in regional and global climate change initiatives and platforms, such as the Climate and Clean Air Coalition (CCAC) and the Green Climate Fund.
Meanwhile, the Federal Government also allocated N100 billion for the Green Bond Programme, which will finance renewable energy, clean transportation, and other green projects in Nigeria.
The Green Bond Programme in Nigeria is a financing mechanism to facilitate and assist Nigeria in meeting its Nationally Determined Contribution (NDC) target to the Paris Climate Agreement.
It aims to tap into domestic and international capital markets to finance green projects and assets that are aligned with the country’s low-carbon and sustainable development goals.
It helps to diversify the sources and reduce the cost of funding for green projects supports the development of a green bond market and enhances the transparency and accountability of green finance in Nigeria.
It creates awareness and education on the principles and benefits of green financing among the stakeholders and the public and contributes to the achievement of the NDC targets and the Sustainable Development Goals (SDGs) in Nigeria.
The budget also provided N50 billion for the Great Green Wall Initiative which is a regional effort to combat desertification and land degradation in the Sahel region.
The President announced the establishment of a National Environmental Trust Fund which will mobilize resources from the public and private sectors to finance environmental protection and restoration projects.
The 2024 Budget proposal to the National Assembly which was titled “Budget of Renewed Hope”, shows a proposed expenditure of N27.5 trillion and an estimated revenue of N18.32 trillion for the 2024 fiscal year.
The budget expenditure for the year as proposed stood at N27.5 trillion, the highest in the history of Nigeria, and 10.79% higher than the 2023 revised budget (N24.83 trillion both signed and supplementary budgets).
The Budget relies on the key assumptions outlined in Nigeria’s Federal Government’s 2024-2026 Medium-term expenditure framework (MTEF).
While revenue projection surged by 65.8% to N18.32 trillion, surpassing the 2023 revised budget of N11.05 trillion, expenditure projection also rose by N10.3% to N27.5 trillion from the 2023 revised budget.
Following President Tinubu’s submission of the proposed budget, the Speaker of the House of Representatives, Hon. Dr. Tajudeen Abbas, has called on Nigerians to contribute to nation-building and tone down on the criticism of the government.
