By Muhammad Amaan
Nigeria’s President Bola AhmedTinubu on Monday signed the 2024 appropriation Bill into law in line with avowed commitment to maintaining a timeous, predictable and efficient budget cycle.
The signing came 35 days after he submitted a N27.5 trillion 2024 budget proposal to the joint sitting of the National Assembly on November 29, 2023, for approval.
President Tinubu assented to the bill at the State House, shortly after returning to Abuja, after an 11-day stay in Lagos to observe the Christmas and New Year holidays.
Speaking at the signing of the bill, Tinubu recalled that, “When I presented the budget on November 29, 2023, I presented N27.5 trillion and I called for expeditious treatment of the budget, the review, the passing, the debate and all that.
“We have a budget of N28.7 trillion with an increase of N1.2 trillion over the proposal that I submitted. I thank the National Assembly for this prompt review adjustment and auditing necessary. This is evidence and a great testament to the excellent relationship between the executive and the legislature.
“In my address then, I remarked that the budget is a budget of renewed hope. It is anchored on reducing the deficit and increasing capital expenditure particularly in our priority areas. The Approved 2024 budget that we just approved achieve both objectives.
“It contains a very good increase in the capital side, a reduction in recurrent expenditure and it brought down the deficit from 6.11 per cent to 3.88 per cent. That, to me, is an achievement.”
He assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored, adding: “All the institutional mechanisms shall be held to account in ensuring diligent implementation.”
According to him: “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 Coordinating Minister of the Economy shall hold regular reviews with the Economic Management Team and, in addition, I shall chair periodic Economic Coordination Council meetings.”
The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.
The President emphasised 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 was 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.
Tinubu also expressed happiness about the N100 billion approved by the National Assembly for the feeding of school children across the nation.
His words: “While we take power and steel and other projects, one of the priority areas we just passed is the N100 billion provision for the feeding of school children. That is a stimulant that will encourage our school attendance and others.
“I’ve been meeting with local governments at sub-national levels so that we can collaborate and jointly bring an all-inclusive program that will help.”
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.
