Tinubu signs N28.7trn 2024 budget into law, says implementation will be monitored

President Bola Tinubu has signed the N28.7 trillion 2024 appropriation bill into law.

Tinubu signed the 2024 appropriation bill on Monday at the presidential villa in Abuja.

Speaking after signing the document, the president said the implementation of the budget would be “efficiently pursued and vigorously monitored”.

“All the institutional mechanisms shall be held to account in ensuring diligent implementation,” he said.

“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.”

The top priorities of the budget are defence and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.

The president reiterated his commitment to prioritise the judiciary in his administration.

“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,” 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.

Godswill Akpabio, senate president; Tajudeen Abass, speaker of the house of representatives; Wale Edun, minister of finance and the coordinating minister of the economy, and Abubakar Bagudu, minister of Budget and economic planning, were present during the signing of the budget.

On Saturday, the two arms of the national assembly passed the 2024 appropriation bill and increased its size from N27.5 trillion proposed by Tinubu to N28.7 trillion.

The budget size was increased by N1.2 trillion.

The bill was passed for the third reading at the senate after Solomon Olamilekan, chairman of the senate committee on appropriation, presented a report for consideration.

The appropriation bill was also passed for a third reading by the lower legislative chamber after Abubakar Bichi, chairman of the committee on appropriations, presented a report.