Business and Economy

President Bola Tinubu signs N28.78 trillion 2024 Budget into law

President Bola Tinubu, on Monday, officially signed the 2024 budget Appropriation Bill of N28.78 trillion into law. The signing took place in President Tinubu’s office at the Presidential Villa State House, shortly after his return to Abuja from Lagos.

During the signing ceremony, President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were present. Other senior government officials in attendance included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.

The President reassured Nigerians that the budget would be implemented with utmost efficiency and closely monitored. He expressed his gratitude for the prompt review and adjustment of the budget by the National Assembly, which resulted in an increase of N1.2trn from the initial proposal of N27.5trn. This collaborative effort between the executive and the legislature is a testament to the excellent relationship between the two branches of government.

President Tinubu emphasized that the approved 2024 budget aligns with the goal of reducing the deficit and increasing capital expenditure, particularly in priority areas. The budget also achieved a significant reduction in recurrent expenditure and brought down the deficit from 6.11% to 3.88%, which he considers a remarkable achievement.

He further highlighted the importance of capital expenditure and the reduction in recurrent expenditure in driving economic development, especially in areas such as education, health, and road infrastructure. By focusing on these sectors, the government aims to revitalize the economy and ensure the well-being of ordinary citizens.

Overall, President Tinubu’s signing of the 2024 Appropriation Bill signifies a renewed sense of hope and a commitment to fostering sustainable development and human capital growth in Nigeria.

Let me choose one of them. While we focus on power, steel, and other projects, one of the main areas we recently prioritized is the allocation of N100 billion for the feeding of school children. This initiative will serve as a motivation to encourage school attendance and more.

I have been engaging with local governments at the sub-national level to foster collaboration and jointly develop an all-inclusive program that will be beneficial for all. I must say, I am pleased with the progress we have made, including in the judiciary and other sectors.

“I want to emphasize that the success of a budget lies in its implementation. Rest assured, we are committed to implementing this budget. I want to assure Nigerians that all the Ministries, Departments, and Agencies (MDAs) have been duly cautioned. That’s why we have even separated economic planning from finance.

“The MDAs must regularly report on the budgetary performance in the areas we have established to assist ordinary Nigerians.

“Our aim is to promote efficiency, dedication, and accountability. If you are unable to fulfill these requirements, we may have to take over and do the job on your behalf.
Signing the Appropriation Act today is a great honor for me as a politician and as the head of state. There is no holiday for me.

“When I campaigned for this position, I made a promise to fully commit myself, and I am grateful for the support of my team members, particularly Wale Edun, Atiku Bagudu, and the National Assembly leadership.

“I understand the significance of today for everyone, and in the weeks leading up to this day, there were doubts about meeting the deadlines. But you all delivered sincerely.”

President Tinubu reassured that all the institutional mechanisms will be held accountable to ensure diligent implementation.

“All MDAs have been instructed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which will verify their accuracy.”

The Minister of Finance and Coordinating Minister of the Economy stated that regular reviews will be held with the Economic Management Team. Additionally, there will be periodic meetings of the Economic Coordination Council, which I will chair.

The President highlighted the top priorities of the 2024 budget, which include defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasized his commitment to enhancing investment promotion and creating a rules-based society that treats everyone equally under the law. This commitment begins with important reforms in the Nigerian judiciary, which will be funded through the 2024 Appropriation Act.

The President announced key estimates for the 2024 budget, including N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt service, and N1.7 trillion for statutory transfers.

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