President Bola Ahmed Tinubu has signed the 2024 Appropriation Bill into law in keeping with his avowed commitment to maintaining a timeous, predictable, and efficient budget cycle.
A statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, disclosed that President Tinubu assented to the bill at the State House on Monday, shortly after returning to Abuja from Lagos.
Bola Tinubu
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 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, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.
[L-R] Barau Jibrin, Godswill Akpabio, Solomon Adeola, Bola Tinubu, Femi Gbajabiamila, Tajudeen Abbas, and others
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.
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.
Bola Tinubu
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 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.
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