In a recent development, President Bola Tinubu has officially signed the 2024 Appropriation Bill into law at the Presidential Villa in Abuja. The signing took place on Monday afternoon shortly after his return from a week-long holiday in Lagos.
The approved budget stands at N28.7 trillion, reflecting a N1.2 trillion increase from the initial proposal presented to the National Assembly on November 29, 2023. Notably, President Tinubu highlighted a lower deficit compared to the previous year, amounting to N9.18 trillion, constituting 6.11% of the GDP.
To finance the deficit, the President outlined a strategy involving new borrowings totaling N7.83 trillion, N298.49 billion from Privatisation Proceeds, and N1.05 trillion drawdown on multilateral and bilateral loans earmarked for specific development projects.
President Tinubu reiterated the importance of adhering to the January-December implementation cycle, expressing the goal to have the Appropriation Act come into effect on January 1, 2024.
The Senate, on December 29, 2023, endorsed an increase in the 2024 budget by N1.2 trillion, elevating it from N27.5 trillion to N28.7 trillion. The Appropriation Committee, led by Senator Solomon Adeola, provided detailed allocations, with aggregate expenditure at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,533,030,852; capital expenditure at N9,995,143,298,028; and GDP at 3.88%.
