Abuja, January 2, 2024 — In adherence to his commitment to a timely, predictable, and efficient budget cycle, President Bola Tinubu signed the 2024 Appropriation Bill into law on Monday. The ceremony took place at the Presidential Villa State House in Abuja, shortly after the President’s return from Lagos.
President Tinubu, while addressing the audience at the signing, expressed gratitude for the expeditious review and adjustment of the budget by the National Assembly, resulting in an increased budget of N28.7 trillion, up by N1.2 trillion from the initial proposal of N27.5 trillion presented on November 29, 2023.
Highlighting the key objectives of the budget, President Tinubu emphasized a focus on reducing the deficit and increasing capital expenditure in priority areas. He lauded the collaborative efforts between the executive and the legislature, acknowledging the excellent relationship that allowed for a prompt review.
The President commended the budget as a tool for “renewed hope,” emphasizing its positive impact on economic development and human capital. Notable mentions included a significant increase in capital expenditure, a reduction in recurrent expenditure, and a decrease in the deficit from 6.11% to 3.88%.
President Tinubu touched on the importance of capital expenditure in areas such as education, health, and road infrastructure, attributing it to the revitalization of the economy and the well-being of the citizens. He highlighted a specific provision of N100 billion for the feeding of school children as a stimulant to encourage school attendance.
While underscoring the significance of efficient implementation, President Tinubu assured Nigerians that all Ministries, Departments, and Agencies (MDAs) had been duly warned. He emphasized the need for regular reporting on budgetary performance and outlined the government’s commitment to promoting efficiency, dedication, and accountability.
The President noted that signing the Appropriation Act was a great honor, emphasizing the absence of holidays for a leader dedicated to fulfilling campaign pledges. He expressed gratitude to the team members and stakeholders who contributed to the budgetary process, acknowledging their dedication and sincerity.
President Tinubu outlined institutional mechanisms to ensure diligent implementation, directing all MDAs to provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning. Regular reviews with the Economic Management Team and periodic Economic Coordination Council meetings, chaired by the President, were also highlighted.
The top priorities of the N28.7 trillion budget include defense and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security. President Tinubu specifically emphasized the importance of funding the judiciary, with a notable increase in statutory transfer from N165 billion to N342 billion.
Present at the signing ceremony were the President of the Senate, Godswill Akpabio, Speaker of the House of Representatives, Tajudeen Abbas, and other 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.