President Tinubu Signs N28.78 Trillion 2024 Budget Focused on Growth and Security

President Bola Tinubu has officially signed the N28.78 trillion 2024 Appropriations Bill, named the ‘Budget of Renewed Hope,’ into law at the Presidential Villa in Abuja. This ceremony took place upon his return from the Christmas holiday in Lagos.

In a statement released by Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, Tinubu’s assent reflects his commitment to maintaining a timely and efficient budget cycle. Addressing the signing event, the president assured Nigerians of a diligent and closely monitored implementation process. He emphasized the accountability of all Ministries, Departments, and Agencies (MDAs), directing them to provide monthly performance reports to the Ministry of Budget and Economic Planning.

The key areas of focus within the budget include defense and internal security, job creation, macro-economic stability, improved investment climate, human capital development, poverty alleviation, and social security. Notably, increased funding for the judiciary underscores the commitment to a rule-based society.

Key budget estimates include N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt service, and N1.7 trillion for statutory transfers. The President was joined by Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, and several senior government officials at the signing ceremony.

Akpabio highlighted the necessity of the budget increase to address human capital development and security needs, assuring comprehensive legislative oversight. Minister Wale Edun emphasized the budget’s focus on economic growth, highlighting the higher allocation to capital expenditure compared to recurrent spending.

Edun further detailed the reduced budget deficit as a percentage of GDP, signaling decreased reliance on borrowing and increased optimism about revenue improvements. He highlighted measures to enhance revenue collection through digitalization and eliminate funding via Ways and Means, ensuring timely and adequate budget financing.

Overall, the signed budget emphasizes economic growth, security enhancement, and a disciplined fiscal approach, aiming to rejuvenate and galvanize the Nigerian economy.