President Tinubu signs 2024 Budget of Renewed Hope, directs MDAs to provide monthly performance reports

By Jon Egie

* Defence and internal security top priorities of N28.7 trillion Budget

* Key estimates include: capital expenditure (N10 trillion), recurrent expenditure (N8.8 trillion), debt service (N8.2 trillion), and statutory transfers (N1.7 trillion).

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

President Tinubu assented to the bill at the State House, yesterday, Monday, January 1, 2024 shortly after returning to Abuja from Lagos.

Speaking at the signing of the bill, the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored.

He added “All the institutional mechanisms shall be held to account in ensuring diligent implementation”.

“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,” he said.

The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasized that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.

“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,” the President 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.

President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were present at the signing.

Other senior government officials present at the brief ceremony include: Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.