President Bola Tinubu demonstrated his commitment to upholding a timely and efficient budget cycle by signing the 2024 Appropriation Bill into law at the State House. The signing, which took place shortly after his return to Abuja from Lagos, saw the President emphasize the need for accountability and monthly Budget Performance Reports from all Ministries, Departments, and Agencies (MDAs).
Tinubu assured Nigerians that the budget’s implementation would be diligently pursued and robustly monitored, with regular reviews conducted by the Minister of Finance and Coordinating Minister of the Economy, as well as periodic Economic Coordination Council meetings chaired by the President.
Highlighting the key priorities of the N28.7 trillion 2024 budget, President Tinubu underscored allocations for defense and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.
Additionally, the President affirmed his commitment to investment promotion and a rules-based society, initiating essential reforms in the Nigerian judiciary. Funding for these reforms is incorporated into the 2024 Appropriation Act, with the statutory transfer to the Judiciary increased from N165 billion to N342 billion.
The budget estimates encompass N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt servicing, and N1.7 trillion for statutory transfers. Notable figures present at the signing included President of the Senate Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, 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.