President Tinubu Signs 2024 Budget Into Law
President Bola Ahmed Tinubu has on the January 1, 2024 signed the ₦28.7 trillion 2024 Budget into law.
He assented to the Appropriation Bill at a brief ceremony at the Presidential Villa in Abuja on Monday.
Tinubu signed the document passed by the National Assembly on Saturday, December 30, few hours after he arrived in Abuja from Lagos where he spent the past week holidaying.
The budget is ₦1.2tn higher than the budget he proposed to a joint session of the National Assembly on November 29, 2023.
Then, the President had pegged the budget deficit for the 2024 fiscal year at ₦9.18tn.
He stated, “The ₦9.18tn deficit is lower than the ₦13.78tn deficit recorded in 2023 which represents 6.11 per cent of GDP.
“The deficit will be financed by new borrowings totalling ₦7.83tn, ₦298.49BN from Privatisation Proceeds and ₦1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
He also emphasized the need to maintain the January-December implementation cycle saying “Our goal is to ensure that the Appropriation Act comes into effect on January 1, 2024,”
On Friday, December 29, 2023, the Senate increased the 2024 budget by ₦1.2tn, moving the budget from 27.5tn to ₦28.7tn.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers at ₦1,742,786,788,150; recurrent expenditure at ₦8,768.5330,852; capital expenditure at ₦9,995,143,298,028 and GDP at 3.88 per cent