Tinubu signs N28.7trillion 2024 Budget into law

President Bola Tinubu has signed into law the N28.7 trillion 2024 budget.

The President assented to the Appropriation Bill at a brief ceremony at the Presidential Villa in Abuja on Monday.

Present at the ceremony were Senator Godswill Akpabio, the Senate President, and Hon. Tajudeen Abbas, the Speaker of the House of Representatives

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Atiku Bagudu, the Minister of Budget and Economic Planning; and Nuhu Ribadu, the National Security Adviser (NSA), were also at the event.

Also present at the budget signing ceremony were Femi Gbajabiamila, the Chief of Staff to the President, Abdullahi Ganduje, the National Chairman of the ruling All Progressives Congress (APC), and Senator Olamilekan Adeola, Chairman of the Senate Appropriation Committee, among others.

Tinubu signed the budget hours after he arrived in Abuja from Lagos where he spent the past week holidaying.

The signed 2024 budget is N1.2 trillion higher than the budget the President proposed to a joint session of the National Assembly on November 29, 2023.

On Friday, however, December 29, 2023, the Senate increased the 2024 budget by N1.2 trillion, from the initial sum of N27.5 trillion to N28.7 trillion.

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.