President Bola Tinubu has officially signed the N28.78 trillion appropriation bill for 2024, marking a significant step in his commitment to maintaining a timely and efficient budget cycle. This new budget, with a strong emphasis on defense, internal security, and socio-economic development, aims to address key national challenges and promote overall growth and stability.
Budget Breakdown:
– Capital Expenditure: N10 trillion.
– Recurrent Expenditure: N8.8 trillion.
– Debt Service: N8.2 trillion.
– Statutory Transfers: N1.7 trillion.
The signing ceremony, held at the State House in Abuja on January 1, 2024, witnessed the presence of notable figures such as Senate President Goodswill Akpabio, House Speaker Tajudden Abbas, Minister of Finance Wale Edun, and Minister of Budget and Economic Planning Abubakar Bagudu.
President Tinubu assured diligent implementation and rigorous monitoring of the budget, stressing the importance of institutional accountability. He directed all Ministries, Departments, and Agencies (MDAs) to provide monthly Budget Performance Reports, ensuring transparency and effectiveness.
Highlighting the importance of a just, rules-based society, President Tinubu emphasized the increased funding for the judiciary in the 2024 Appropriation Act, seeing it as crucial for enhancing legal reforms and upholding the rule of law.
Senate President Akpabio lauded the President’s attention to human capital development and the needs of Nigerians. He expressed satisfaction with the increase in the budget, which aligns with the country’s developmental goals.
Finance Minister Wale Edun commented on the immediate implementation of the budget, underscoring its focus on economic growth. He emphasized the budget’s orientation towards capital expenditure, which exceeds recurrent expenditure, indicating a shift towards economic rejuvenation and growth.
Addressing the funding aspect, Edun highlighted a reduced budget deficit and reliance on revenue over borrowing. The government aims to improve revenue collection through technology and digitalization, while bringing order to government borrowing practices.
The ceremony also saw the attendance of Chief of Staff Femi Gbajabiamila, Minister of Budget and Economic Planning Senator Atiku Bagudu, and National Security Adviser Nuhu Ribadu, among other senior government officials.
The 2024 budget signing marks a pivotal moment for Nigeria’s economic journey. With the President’s assurance of stringent monitoring and implementation, along with the Senate’s commitment to oversight, the nation looks forward to a budget that not only addresses its immediate needs but also sets the foundation for long-term growth and development.
