- The Presidential spokesperson, Ajuri Ngelale disclosed that Tinubu instructed all MDAs to submit monthly budget performance reports to the Ministry of Budget and Economic Planning.
- The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.
In keeping with his declared commitment to upholding a punctual, reliable, and effective budget cycle, President Bola Ahmed Tinubu has signed the 2024 Appropriations Bill into law.
Shortly after arriving back in Abuja from Lagos on Monday, President Tinubu gave his consent to the law in the State House, according to a statement released by his Special Adviser on Media and Publicity, Ajuri Ngelale.
The President of Nigeria gave a speech during the bill’s signing ceremony, promising that the budget would be implemented effectively and closely monitored. He also stated, “All 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, macroeconomic 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.