In a decisive move towards fiscal responsibility and national development, President Bola Tinubu Signs the 2024 appropriation bill into law yesterday, marking a commitment to a timely, predictable, and efficient budget cycle. The budget, totaling N28.78 trillion, places paramount emphasis on critical sectors such as defense and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.
Breaking down the key allocations, the budget includes 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 signing ceremony at the State House was attended by prominent figures including Senate President Goodswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Minister of Finance Wale Edun, and Minister of Budget and Economic Planning Abubakar Bagudu.
President Tinubu Signs the bill shortly after returning from Lagos, reassured Nigerians of the diligent implementation of the budget, emphasizing accountability across all institutions. Monthly Budget Performance Reports from Ministries, Departments, and Agencies (MDAs) will be required, monitored by the Ministry of Budget and Economic Planning. Regular reviews with the Economic Management Team and periodic Economic Coordination Council meetings, chaired by the President, aim to ensure effective oversight.
Notably, Tinubu underscored his commitment to enhancing investment promotion and establishing a rules-based society. A significant portion of the budget increase is allocated to funding reforms in the Nigerian judiciary, reflecting a dedication to justice and the rule of law. The judiciary’s statutory transfer has been raised from N165 billion to N342 billion.
Senate President Goodswill Akpabio praised the National Assembly for its swift handling of the budget, highlighting its slight increase to address human capital development and address critical needs such as school feeding and national security. He affirmed the commitment to monitoring implementation, emphasizing that any agency or minister found wanting would face consequences.
Minister of Finance Wale Edun spoke about the budget’s focus on economic growth, with capital expenditure exceeding recurrent expenditure. The lower budget deficit indicates a reduced reliance on borrowing, with an optimistic outlook on improved revenue generation through technology and digitalization.
With the budget signed into law, the focus now shifts to its immediate and hopeful implementation. Senior government officials present at the ceremony included Chief of Staff to the President Femi Gbajabiamila, Minister of Budget and Economic Planning Senator Atiku Bagudu, and National Security Adviser Nuhu Ribadu.
While the budget passage was accompanied by a slight increase and some noted inconsistencies, the collaborative effort between the executive and legislative branches aims to ensure that Nigerians reap the benefits of this comprehensive and growth-focused fiscal plan. The 2024 budget, aimed at rejuvenating the economy, reflects a strategic move towards a prosperous future for Nigeria.
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