President Bola Tinubu has officially given his approval to the 2024 Appropriation Bill, signing it into law today, January 1, at the Presidential Villa in Abuja.
The signing ceremony took place shortly after President Tinubu’s return from a week-long holiday in Lagos.
The approved budget is now set at N28.7tn, reflecting an increase of N1.2tn from the initial proposal presented to the National Assembly on November 29, 2023. The Senate, on December 29, 2023, endorsed the upward adjustment, elevating the budget from N27.5tn to the current N28.7tn.
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 N1,742,786,788,150; recurrent expenditure at N8,768.5330,852; capital expenditure at N9,995,143,298,028 and GDP at 3.88 per cent.
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 Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Abubakar; and the National Security Adviser (NSA), Nuhu Ribadu, were on hand as well.
Also on the ground were the Chief of Staff to the President, Femi Gbajabiamila; the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje; Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola, among others.