President Bola Tinubu has officially signed the N28.7 trillion 2024 appropriation bill into law during a ceremony at the presidential villa in Abuja.
The signing ceremony took place on Monday, and President Tinubu expressed his commitment to ensuring the efficient implementation of the budget while emphasizing vigorous monitoring.
In his remarks after signing the document, President Tinubu stated, “All the institutional mechanisms shall be held to account in ensuring diligent implementation. All MDAs have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such.”
The president outlined the key priorities of the budget, including defence and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.
Notably, Tinubu reiterated his commitment to prioritizing the judiciary, highlighting a significant increase in statutory transfers to the Judiciary from 165 billion naira to 342 billion naira.
The 2024 budget estimates include capital expenditure of N10 trillion, recurrent expenditure of N8.8 trillion, debt service of N8.2 trillion, and statutory transfers of N1.7 trillion.
President Tinubu emphasized his administration’s focus on funding the judiciary as a crucial element in supporting a just, rules-based society.
The signing ceremony was attended by notable figures, including Godswill Akpabio, the Senate President; Tajudeen Abass, the Speaker of the House of Representatives; Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; and Abubakar Bagudu, the Minister of Budget and Economic Planning.
Over the weekend, both chambers of the National Assembly passed the 2024 appropriation bill, increasing its size from the initial N27.5 trillion proposed by President Tinubu to N28.7 trillion, reflecting an increase of N1.2 trillion. The bill was passed for the third reading in the Senate and the House of Representatives
