President Bola Tinubu has signed the N28.78 trillion 2024 Appropriations Bill tagged, ‘Budget of Renewed Hope,’ into law.
He performed the ceremony on Monday at the Presidential Villa, Abuja, shortly on arrival from Lagos, where he had spent the Christmas holiday.
According to a statement issued by the Special Adviser to the President (Media and Publicity), Ajuri Ngelale, his assent to the bill is in keeping 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 MDAs 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 statement affirmed that 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 emphasised that his commitment to the enhancement of investment promotion, while creating a rules-based society that favours no individual over the law, beginning with reforms in the 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,” he 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.
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 were, 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 AtikuBagudu, and the National Security Adviser, Nuhu Ribadu.
Speaking to correspondents after the ceremony, Akpabio said the increase in the original estimates presented by the president was necessary to “take care of human capital development, and take care of the needs of Nigerians, particularly the school feeding security situation in the country and all that.”
He assured that the legislature would ensure proper oversight for the full implementation of the budget.
Also speaking, Edun noted that the 2024 budget would encourage investors to invest while those who rely on government would have benefits.
He added: “But overall, the change in this budget is that it is focused on growing the economy. The capital expenditure is larger than the recurrent expenditure; over N10 trillion is going to be the capital expenditure, while recurrent is just about N8.8 trillion.
“I think that shows the direction of travel, it shows that we can expect an economy rejuvenated, re-galvanised and set for growth.”
On the ability of government to fund the budget, Edun explained: “The first thing to say is that it’s a lower budget deficit, so it’s a lower financing requirement and in fact, as a percentage of GDP, the budget deficit is down from 6.1percent to 3.8percent.
“So we’re relying less on borrowing and more on revenue and I think you have to take the two together. I think we’re very optimistic about the improvements in revenue that will take place.
“We are all ready, even from tomorrow, applying technology and the digitalisation to ensure that the revenue that should come to government from all sources, including from government-owned enterprises, comes into the consolidated revenue fund and on the other side, we are bringing order to government borrowing. So, Ways and Means is being eliminated by taking the funding that is required from the market, as opposed to from printing of money by Central Bank.
“That, in a nutshell, is what is happening on the financing side. We are very optimistic that not only will this budget be funded adequately, but it will be funded on a timely basis as well.”