President Tinubu Signs N28.7trn 2024 Budget Into Law
Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has signed the 2024 appropriation bill of N28.7 trillion into law.
A statement by Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity said President Tinubu assented to the bill at the State House on Monday, shortly after returning to Abuja from Lagos.
President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were some of the government officials who witnessed the budget signing.
The statement said that the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored, adding: “All the institutional mechanisms shall be held to account in ensuring diligent implementation”.
“All MDA’s 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 Minister of Finance and Co-ordinating Minister of the Economy shall hold regular reviews with the Economic Management Team, and, in addition, I shall Chair periodic Economic Coordination Council meetings,” he said.
“The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.
The President emphasized that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.
“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from 165 billion naira to 342 billion naira,” the President said.
Some of the key estimates are capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion, and statutory transfers, N1.7 trillion.
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