President Bola Tinubu has signed the N28.7 trillion 2024 appropriation bill into law.
The president on Monday gave his approval to the 2024 Appropriation Bill during a short ceremony at the Presidential Villa in Abuja.
Among those with the President while he signed were the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas.
The president’s office also hosted other key figures, including Chief of Staff Femi Gbajabiamila, APC National Chairman Abdullahi Ganduje, and Senate Appropriation Committee Chairman Senator Olamilekan Adeola.
Backstory
- During the weekend, the National Assembly passed the 2024 appropriation bill, raising its size from President Bola Tinubu’s proposed N27.5 trillion to N28.7 trillion. The budget was increased by N1.2 trillion.
- In the bill passed, the sum of N1.74 trillion was earmarked for statutory transfers, N8.27 trillion for debt servicing, N8.76 for recurrent expenditure and N9.99 trillion for capital expenditure.
- The Senate said that to accommodate further requests from the Executive for additional funding, the Committee on Appropriation made some adjustments to the bill.
- Some of the adjustments made include foreign exchange differential, increase of Government-Owned Enterprises’ (GOEs’) revenue, GOE’s personnel reduction, Service Wide vote (wage adjustment) and reduction from Service Wide.
- President Bola Tinubu had late November presented the 2024 budget estimates of N27.5trn to the National Assembly.
- Christened the ‘Budget of Renewed Hope’, the President said it would ensure macro-economic stability, poverty reduction, and greater access to social security, amongst others.
- The President of the Senate, Godswill Akpabio, had assured Nigerians that the bill would be transmitted to the President for expedited passage into law for it to come into effect on January 1, 2024.
