Elizabeth O.
President Bola Tinubu Signs 2024 Appropriation Bill into Law, Approving N28.7tn Budget
After returning from a week-long holiday in Lagos, President Tinubu promptly approved the budget, which amounts to N28.7tn.
The approved budget is N1.2tn higher than the initial proposal presented to the National Assembly on November 29, 2023. The Senate made adjustments to the budget on December 29, 2023, increasing it by N1.2tn from N27.5tn to N28.7tn.
The Appropriation Committee, headed by Senator Solomon Adeola, submitted a report detailing the budget breakdown.
Subsequently, the aggregate expenditure is set at N28,777,404,073,861, with statutory transfers amounting to N1,742,786,788,150. Recurrent expenditure is allocated N8,768,533,0852, while capital expenditure is set at N9,995,143,298,028. The projected GDP growth rate is 3.88 percent.
During the signing ceremony, President Tinubu was accompanied by prominent figures, including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas.
Also present were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and Economic Planning, Atiku Abubakar; and the National Security Adviser (NSA), Nuhu Ribadu.
Other attendees included the Chief of Staff to the President, Femi Gbajabiamila; the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje; and the Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola, among others.
