Monday, January 1, 2024, President Bola Tinubu signed the national appropriation bill 2024 of N28.7 trillion into law.
A breakdown of the appropriation bill 2024 of N28.7 trillion:
- Capital Expenditure — N9.99 Trillion (35%)
- Recurrent Expenditures — N8.77 Trillion (30%)
- Statutory Transfers — N1.74 Trillion (6%)
- Debt Service – N8.27 Trillion (29%)
How FG plans to fund the budget 2024:
The Tinubu’s government planned the budget on the assumption that:
- Oil price benchmark will remain at $77.96 per barrel
- Oil Production Rate will be 1.78 million barrels per day
- Exchange rate will remain at N800 to $1, and
- Gross Domestic Product (GDP) growth will be 3.88%
President Tinubu Signs the appropriate bill 2024:
Speaking at the signing of the bill, the President assured Nigerians that the implementation of the 2024 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 165 billion naira to 342 billion naira,” the President said.
Godswill Akpabio, president of the Senate, and Tajudeen Abbas, speaker of the House of Representatives, 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, Nuhu Ribadu.
