On January 1, President Bola Tinubu signed the 2024 Appropriation Bill at the Presidential Villa in Abuja. Tinubu gave his approval to the N28.7tn budget upon his arrival in Abuja from a week-long holiday in Lagos.
The budget is N1.2tn higher than the budget he proposed to a joint session of the National Assembly on November 29, 2023. On Friday, December 29, 2023, the Senate increased the 2024 budget by N1.2tn, moving the budget from N27.5tn to N28.7tn.
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.
xAmong 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; Minister of Budget and Economic Planning, Atiku Abubakar; and the National Security Adviser (NSA), Nuhu Ribadu, were on hand as well.
Present at the event were the President’s Chief of Staff, Femi Gbajabiamila; the National Chairman of the APC, Abdullahi Ganduje; and Senator Olamilekan Adeola, who chairs the Senate Appropriation Committee, alongside other notable figures.