President Bola Tinubu has signed the 2024 Appropriation Bill into law, aligning with his committed stance to maintain a timely, predictable, and efficient budget cycle.
Tinubu assented to the bill at the State House on Monday, shortly after returning to Abuja from Lagos. The president directed all Ministries, Departments and Agencies (MDA) to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning.
Addressing the signing ceremony, the President assured Nigerians that the budget’s implementation would be efficiently pursued and vigorously monitored.
“All institutional mechanisms shall be held accountable to ensure 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 their accuracy,” he stated.
He also mentioned that the Minister of Finance and Coordinating Minister of the Economy would conduct regular reviews with the Economic Management Team. Additionally, periodic Economic Coordination Council meetings would be chaired by the President.
The key priorities of the 2024 budget, totaling N28.7 trillion, include defense and internal security, job creation, macroeconomic stability, an improved investment environment, human capital development, poverty reduction, and social security.
The President emphasized his commitment to enhancing investment promotion and creating a rules-based society that favors no individual over the law, beginning with essential reforms in the Nigerian judiciary. Funding for these reforms is included in the 2024 Appropriation Act.
“Funding the judiciary is a significant element in our effort to support a just, rules-based society. The statutory transfer to the Judiciary has been increased from N165 billion to N342 billion,” President Tinubu said.
Key estimates include N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt servicing, and N1.7 trillion for statutory transfers.
President of the Senate Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas were present at the signing.
Other senior government officials attending the brief ceremony included 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 Sen. Atiku Bagudu, and National Security Adviser Nuhu Ribadu. (NAN)