President Bola Tinubu has officially signed the 2024 Appropriation Bill into law, emphasizing his commitment to a timely and efficient budget cycle. The signing ceremony, conducted at the State House on Monday, witnessed President Tinubu underscoring the significance of diligent implementation and accountability in the budgetary process.
During the signing, President Tinubu issued a directive for all Ministries, Departments, and Agencies (MDAs) to submit monthly Budget Performance Reports to the Ministry of Budget and Economic Planning. He assured the public that robust institutional mechanisms would be in place to ensure the effective execution of the budget.
The 2024 budget, amounting to N28.7 trillion, prioritizes key areas including defense and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.
President Tinubu, emphasizing his dedication to investment promotion and a rules-based society, highlighted crucial reforms in the Nigerian judiciary. The funding for these reforms is detailed in the 2024 Appropriation Act, with the judiciary’s statutory transfer increased from 165 billion naira to 342 billion naira.
The budget’s key estimates encompass capital expenditure at N10 trillion, recurrent expenditure at N8.8 trillion, debt service at N8.2 trillion, and statutory transfers at N1.7 trillion.
The signing ceremony drew the presence of significant figures, including President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas. Notable attendees featured 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.