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President Tinubu signs N28.7tn 2024 Appropriation bill into law

Published by Fakinlede Tope John on January 2nd, 2024.

President Tinubu signs N28.7tn 2024 Appropriation bill into law

President Bola Tinubu today January 1 signed into law the 2024 Appropriation Bill at the Presidential Villa, Abuja.

Tinubu assented to the N28.7tn budget shortly after he arrived in Abuja from Lagos where he spent the past week holidaying.

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.

Also on the ground were the Chief of Staff to the President, Femi Gbajabiamila; the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje; Chairman of the Senate Appropriation Committee, Senator Olamilekan Adeola, among others.