President Bola Ahmed Tinubu has signed the N28.7 trillion 2024 Budget into law.
He assented to the 2024 Appropriation Bill at a brief ceremony at the Presidential Villa in Abuja on Monday.
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; the National Security Adviser (NSA), Nuhu Ribadu, were on hand as well.
Also with him 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.
Speaking at the signing of the bill, the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored.
He said: “Today (yesterday), the first holiday on the calendar. Thank you very much I must say. When I presented the budget on the November 29, 2023, I presented N27.5trn and left room and I called for expeditious treatment of the budget, the review, the passing, the debate and all that.
“Today we have a budget of N28.7trn with an increase of N1.2trn over the proposal that I submitted. I thank the National Assembly for this prompt review adjustment and auditing. This is an evidence and a great testament to the excellent relationship between the executive and the legislature. We should keep it up.
“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 achieves 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% to 3.88%. That, to me, is an achievement.
“Then we can debate in the area of economic thinking. Whether capital expenditure and reduction in recurrent means what. It is subject of interpretation. It means a lot. It means where the hope is hanged in development and particularly human capital development
