Tinubu Inks Historic Deal: N28.7 Trillion 2024 Budget Officially Signed into Law by President

In a momentous event at the Presidential Villa in Abuja, President Bola Tinubu officially signed the 2024 appropriation bill into law, marking a significant milestone in Nigeria’s fiscal landscape. The ceremony, which took place on Monday, was attended by eminent figures including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas.

The presence of key figures such as Chief of Staff Femi Gbajabiamila, APC National Chairman Abdullahi Ganduje, and Senate Appropriation Committee Chairman Senator Olamilekan Adeola underscored the importance of this legislative approval. The collaborative effort between the executive and legislative branches of the government culminated in the official endorsement of the budget.

The backstory to this development involves a series of deliberations and adjustments made by the National Assembly over the weekend. The initially proposed N27.5 trillion budget by President Bola Tinubu was subject to modifications, resulting in an increase to N28.7 trillion, an upward adjustment of N1.2 trillion. The revised allocation includes N1.74 trillion for statutory transfers, N8.27 trillion for debt servicing, N8.76 trillion for recurrent expenditure, and N9.99 trillion for capital expenditure.

The Senate clarified that adjustments were made to accommodate additional funding requests from the Executive. Notable modifications encompassed considerations such as foreign exchange differentials, an increase in revenue for Government-Owned Enterprises (GOEs), a reduction in GOEs’ personnel, Service Wide vote adjustments (including wage adjustments), and reductions in the Service Wide category.

President Bola Tinubu had originally presented the 2024 budget estimates of N27.5 trillion to the National Assembly in late November, naming it the ‘Budget of Renewed Hope.’ In his presentation, the President emphasized the budget’s role in ensuring macroeconomic stability, poverty reduction, and enhanced access to social security, among other key objectives.

Assurances from the President of the Senate, Godswill Akpabio, regarding the swift transmission of the bill to President Bola Tinubu for expedited passage into law, affirmed the commitment to having the budget come into effect on January 1, 2024.

This landmark signing reflects a collaborative and iterative process between the executive and legislative arms of the government, demonstrating a commitment to addressing the country’s economic priorities in the coming fiscal year. Infostride News will continue to provide updates and analysis on the implications of the approved 2024 appropriation bill for Nigeria’s economic landscape.