President Bola Tinubu has signed the 28.7 trillion-naira 2024 Budget into law.
He assented to the 2024 Appropriation Bill at a brief ceremony at the Presidential Villa in Abuja yesterday.
Among those with the President while he signed were the President of the Senate, Senator Godswill Akpabio, Speaker of the House of Representatives, Tajudeen Abbas, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Budget and Economic Planning, Abubakar Bagudu, and National Security Adviser- NSA, Nuhu Ribadu. Others were the Chief of Staff to the President, Femi Gbajabiamila, National Chairman of the ruling All Progressives Congress- APC, Abdullahi Ganduje, Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola, among others.
President Bola Tinubu signed the budget hours after he arrived in Abuja from Lagos where he spent the holiday. The 2024 budget is 1.2 trillion naira higher than the budget he proposed to a joint session of the National Assembly on November 29, 2023.
Recall that on Friday, December 29, 2023, the Senate increased the 2024 budget by 1.2 trillion naira, moving the budget from 27.5 trillion naira to 28.7 trillion naira.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at 28.7 trillion-naira, Statutory transfers at 1.7 trillion-naira, recurrent expenditure at 8.76 trillion-naira, Capital expenditure at 9. 99 trillion naira while Gross Domestic Product was fixed at 3.88 percent.