President Tinubu Approves N28.7 Trillion 2024 Budget, Enacts it into Law
Bola Tinubu, the president of Nigeria, has ratified the N28.7 trillion 2024 budget.
Monday at the Presidential Villa in Abuja, Tinubu gave his approval to the 2024 Appropriations Bill during a brief ceremony.
The President was accompanied by the Speaker of the House of Representatives of Nigeria, Hon. Tajudeen Abbas, and the President of the Nigerian Senate, Sen. Godswill Akpabio.
Attendees were National Security Adviser (NSA) Nuhu Ribadu, Minister of Finance and Coordinating Minister of the Economy Wale Edun, and Minister of Budget and Economic Planning Atiku Abubakar.
Femi Gbajabiamila, the president’s chief of staff, Abdullahi Ganduje, the national chairman of the ruling All Progressives Congress (APC), and Senator Olamilekan Adeola, the chairman of the Senate Appropriations Committee, were also there.
Hours after arriving in Abuja from Lagos, where he had been spending the previous week enjoying the holiday of Yuletide, Tinubu signed the budget.
The budget that he submitted to the National Assembly during a joint session on November 29, 2023, is N1.2 trillion more than the budget for 2024.
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The 2024 budget, which was previously set at N27.5tn, was increased by N1.2tn by the Senate on Friday, December 29, 2023.
A report from the Appropriations Committee, which is chaired by Senator Solomon Adeola, states that the total amount spent was N28,777,404.073.861; statutory transfers were valued at N1,742,786,788,150; recurrent expenses were valued at N8,768.5330,852; capital expenses were valued at N9,995,143,298,028; and GDP was estimated to be 3.88 percent.
