President Tinubu signs N29 trillion 2024 budget into law

President Bola Tinubu has officially signed the 2024 Budget, totaling N28.7 trillion, into law. The signing took place during a brief ceremony at the Presidential Villa in Abuja on Monday, attended by prominent figures including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon. Tajudeen Abbas.

Key government officials present at the ceremony included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Budget and Economic Planning, Atiku Bagudu, and the National Security Adviser (NSA), Nuhu Ribadu. Others in attendance were Chief of Staff to the President, Femi Gbajabiamila, the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje, and Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola.

Tinubu’s approval of the budget comes after his return to Abuja from a week-long holiday in Lagos. The signed 2024 budget reflects a notable increase of N1.2 trillion from the initial proposal presented by the President to the National Assembly on November 29, 2023.

This increment was sanctioned by the Senate on December 29, 2023, raising the budget from the initial N27.5 trillion to the final sum of N28.7 trillion. The Appropriation Committee, led by Senator Solomon Adeola, submitted a report outlining the detailed breakdown of the budget, including aggregate expenditure, statutory transfers, recurrent expenditure, capital expenditure, and GDP growth projected at 3.88 percent. The signing of the budget underscores the government’s commitment to financial planning and economic development in the year ahead.