The president of Nigeria Bola Tinubu has signed the 2024 budget into law on Monday, January 1.
The West African leader assented to the 2024 Appropriation Bill during a brief ceremony at the country’s capital, Abuja at the presidential villa.
Those present at the signing of the 2024 Budget include the Senate President Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas.
Also present at the ceremony were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Abubakar Atiku; and the National Security Adviser (NSA), Nuhu Ribadu.
Others present include the Chief of Staff to the President, Femi Gbajabiamila; the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje; and the Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola, among others.
President Tinubu signed the budget a few moments after his arrival in Abuja from Lagos where he spent the Christmas holiday.
The 2024 Budget is N1.2 trillion more than the budget presented to the National Assembly during a joint session on November 29, 2023.
The 2024 budget was raised by N1.2 trillion on Friday, December 29, 2023, making it N28.7 trillion instead of N27.5 trillion.
The 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 report submitted by the Appropriation Committee led by Senator Solomon Adeola says.
The Nigerian Senate successfully greenlit the 2024 Appropriation Bill following its third reading on Saturday, December 30, 2023.
This legislative milestone was endorsed by the Senate after meticulous consideration and approval of the joint committee on appropriation’s report.
In essence, the Senate sanctioned the bill, empowering it to authorise an aggregate expenditure of N28.777, 404, 073, 861.