President Tinubu Signs N28.7 Trillion 2024 Budget

President Tinubu Signs N28.7 Trillion 2024 Budget
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In a commitment to maintaining a timely and efficient budget cycle, President Bola Tinubu signed the 2024 Appropriation Bill into law on Monday at the State House, shortly after returning to Abuja from Lagos. The budget, totaling N28.7 trillion, outlines key priorities such as defense and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.

Addressing the nation at the bill signing, President Tinubu emphasized his dedication to ensuring efficient implementation, stating, “All the institutional mechanisms shall be held to account in ensuring diligent implementation.” He directed all Ministries, Departments, and Agencies (MDAs) to provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning.

President Tinubu Signs N28.7 Trillion 2024 Budget
    The Senate President; Godswill Akpabio, and Speaker of the House of Representatives; Tajudeen Abbas handed over the 2024 Appropriation Bill to President Bola Ahmed Tinibu

    The President highlighted the importance of funding the judiciary, a critical element in supporting a just, rules-based society. The 2024 Appropriation Act reflects increased statutory transfers to the Judiciary from 165 billion naira to 342 billion naira. President Tinubu aims to create a rules-based society that favors no individual over the law, beginning with important reforms in the Nigerian judiciary.

    Key estimates in the budget include N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt service, and N1.7 trillion for statutory transfers. President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were present at the signing ceremony, alongside senior government officials, including 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.

    President Tinubu Signs N28.7 Trillion 2024 Budget
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      Read Also: President Tinubu Unveils 2024 Budget Priorities

      The President assured Nigerians that the budget’s implementation would be vigorously monitored, with regular reviews conducted by the Minister of Finance and Coordinating Minister of the Economy in collaboration with the Economic Management Team. Periodic Economic Coordination Council meetings, chaired by President Tinubu, will also ensure effective oversight.

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