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In a commitment to a timely and efficient budget cycle, President Bola Tinubu has officially signed the 2024 Appropriation Bill into law.
The signing ceremony, held at the State House on Monday, saw President Tinubu stressing the importance of diligent implementation and accountability.
During the signing, Tinubu directed all Ministries, Departments, and Agencies (MDAs) to submit monthly Budget Performance Reports to the Ministry of Budget and Economic Planning. He assured Nigerians that institutional mechanisms would be held accountable to ensure the efficient execution of the budget.
The 2024 budget, totaling N28.7 trillion, focuses on key priorities such as defense and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.
Highlighting his commitment to investment promotion and a rules-based society, President Tinubu emphasized important reforms in the Nigerian judiciary, with funding captured in the 2024 Appropriation Act. The judiciary’s statutory transfer has been increased from 165 billion naira to 342 billion naira.
Key estimates in the budget include capital expenditure at N10 trillion, recurrent expenditure at N8.8 trillion, debt service at N8.2 trillion, and statutory transfers at N1.7 trillion.
President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, joined other senior government officials at the signing ceremony.
Notable attendees included the 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.
