President Bola Tinubu has officially endorsed the N28.7 trillion 2024 Appropriation Bill, marking a crucial step in the fiscal planning for the year.
The signing ceremony took place at the Presidential Villa in Abuja on Monday afternoon.
The President’s approval comes on the heels of the National Assembly’s endorsement of the budget, a process that culminated in a significant adjustment.
The N28.7 trillion budget is notably higher than the initial proposal of N27.5 trillion presented by President Tinubu to a joint session of the National Assembly on November 29, 2023.
President Tinubu arrived in Abuja from Lagos, where he had spent the past week on holiday, to formalize the signing of the budget.
The document, reflecting an increase of N1.2 trillion, emphasizes the government’s commitment to addressing key economic priorities and boosting critical sectors in the coming fiscal year.
In his initial budget presentation, President Tinubu had projected a deficit of N9.18 trillion for the 2024 fiscal year.
He highlighted that this deficit was lower than the N13.78 trillion recorded in 2023, representing 6.11 per cent of GDP.
Financing for the deficit will come from new borrowings amounting to N7.83 trillion, N298.49 billion from Privatisation Proceeds, and a drawdown of N1.05 trillion on multilateral and bilateral loans secured for specific development projects.
President Tinubu underscored the importance of maintaining the January-December implementation cycle for the budget. He stated, “Our goal is to ensure that the Appropriation Act comes into effect on January 1, 2024,” aligning with the government’s commitment to efficient fiscal management.
The Senate’s decision to increase the budget by N1.2 trillion, as disclosed in the report submitted by the Appropriation Committee led by Senator Solomon Adeola, reflects the collaborative efforts to address national priorities.
The breakdown of the adjusted budget includes aggregate expenditure of 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 a projected GDP growth rate of 3.88 per cent.
The signed budget sets the stage for the effective implementation of key government initiatives and underscores the commitment to driving economic growth and development in the country.
