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

 

President Bola Tinubu, on January 1, officially approved and signed the 2024 Appropriation Bill into law at the Presidential Villa in Abuja.

Tinubu gave his assent to the N28.7 trillion budget upon his arrival in Abuja from a week-long holiday in Lagos. The approved budget is N1.2 trillion higher than the initial proposal Tinubu presented to the joint session of the National Assembly on November 29, 2023. The Senate, on December 29, 2023, increased the budget by N1.2 trillion, elevating it from N27.5 trillion to N28.7 trillion.

As reported by the Appropriation Committee led by Senator Solomon Adeola, the budget breakdown includes aggregate expenditure of 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 growth projected at 3.88 percent.

During the signing ceremony, President Tinubu was accompanied by dignitaries including the President of the Senate, Senator Godswill Akpabio, the Speaker of the House of Representatives, Hon Tajudeen Abbas, 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.

Other notable figures present were the 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, among others.