- Directs MDAs to provide monthly performance reports
- Capital expenditure, N10trn; recurrent expenditure, N8.8trn; debt service, N8.2trn; statutory transfers, N1.7trn
President Bola Tinubu has signed the N28.7 trillion 2024 budget into law shortly after returning to Abuja from Lagos.
He assented to the 2024 Appropriation Bill at a brief ceremony at the Presidential Villa in Abuja on Monday with his avowed commitment to maintaining a timeous, predictable, and efficient budget cycle.
Speaking at the signing of the bill, 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, macro-economic 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 N165 billion to N342 billion,” 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.
The budget is N1.2 trillion higher than the budget he proposed to a joint session of the National Assembly on November 29, 2023.
Then, the President had pegged the budget deficit for the 2024 fiscal year at N9.18 trillion.
He stated, “The N9.18trn deficit is lower than the N13.78trn deficit recorded in 2023 which represents 6.11 per cent of GDP.
“The deficit will be financed by new borrowings totaling N7.83trn, N298.49 billion from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
He also emphasized the need to maintain the January-December implementation cycle saying “Our goal is to ensure that the Appropriation Act comes into effect on January 1, 2024,”
On Friday, December 29, 2023, the Senate increased the 2024 budget by N1.2 trillion, moving the budget from N27.5 trillion to N28.7 trillion.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768.5330,852; capital expenditure at N9,995, 143,298,028 and GDP at 3.88 per cent.
The President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were present at the signing.
Other senior government officials present at the brief ceremony included the 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.
Also on the ground were the National Chairman of the ruling All Progressives Congress, Abdullahi Ganduje; Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola, among others.
