Tinubu signs 2024 budget of ‘Renewed Hope’ into law 

President Bola Tinubu has signed the 2024 Appropriation Bill into law, in keeping with his avowed commitment to maintaining a timely, predictable, and efficient budget cycle.

President Tinubu assented to the bill at the State House on Monday, shortly after returning to Abuja from Lagos, as disclosed by his Special Adviser on Media and Publicity, Ajuri Ngelale, in a statement. 

The President assured Nigerians that 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. 

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“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 2024 budget, totaling N28.7 trillion, include defense and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasised his commitment to enhancing investment promotion and establishing a rules-based society that favors no individual over the law. These efforts begin with significant reforms in the Nigerian judiciary, with funding captured in the 2024 Appropriation Act.

Key estimates in the budget are as follows: capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion; and statutory transfers, N1.7 trillion.

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Present at the signing were the President of the Senate, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, along with other senior government officials.