President Tinubu Signs N28.7tn 2024 Appropriation Bill into Law

In a significant development for Nigeria’s fiscal year, President Bola Tinubu has signed the N28.7 trillion 2024 Appropriation Bill into law.

The signing took place at the Presidential Villa in Abuja on January 1st, 2024, with the President of the Senate, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, in attendance.

On December 29, 2023, the Senate increased the budget by N1.2 trillion from its original proposed amount of N27.5 trillion.

The new budget allocation includes N1.74 trillion in statutory transfers, N8.76 trillion in recurrent expenditure, and N9.99 trillion in capital expenditure.

The budget deficit is projected to be N9.18 trillion, which is lower than the N13.78 trillion deficit recorded in 2023.

During the signing ceremony, President Tinubu emphasised the importance of maintaining the January-December implementation cycle for the budget.

He stated that the budget deficit would be financed through new borrowings, privatisation proceeds, and multilateral and bilateral loans secured for specific development projects.

The signing of the 2024 Appropriation Bill into law marks a crucial step in Nigeria’s economic planning and development.

With the increased budget allocation, the government aims to address various challenges and invest in key sectors to improve the lives of its citizens.