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Tinubu signs N28.7 trn 2024 Budget of Renewed Hope, directs MDAs on monthly performance reports

President Bola Ahmed Tinubu, GCFR (seated) and Other Top Government Officials at the Signing of 2024 Federal Appropriation Act into Law, in the Presidential Villa, Abuja, FCT

*President Bola Ahmed Tinubu assents to N28.7 trillion 2024 Budget with top priorities  as defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction and social security

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has signed the N28.7 trillion 2024 Appropriation Bill into law in keeping with his avowed commitment to maintaining a timeous, predictable, and efficient budget cycle.

ConsumerConnect reports President Tinubu assented to the Act Monday, January 1, 2024, at the State House, in Abuja, FCT shortly after returning from Lagos.

Speaking at the signing of the bill, Tinubu re-assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement issued Monday, January 1, 2024, also quoted the President to have said: “All the institutional mechanisms shall be held to account in ensuring diligent implementation.”

The Nigerian leader stated: “All MDAs (Ministries, Departments and Agencies) 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.”

Top priorities of 2024 Budget

The top priorities of the 2024 budget of N28.7 trillion include defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasised that his commitment to enhancing 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.

Key estimates in budget

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.

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 include 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 (NSA) Malam Nuhu Ribadu.

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