President Bola Tinubu officially signed the 2024 Appropriation Bill into law at the Presidential Villa in Abuja on Monday. The budget, totaling N28.7tn, reflects a N1.2tn increase from the initial proposal presented to the National Assembly on November 29, 2023. Tinubu, who returned from a week-long holiday in Lagos, expressed a commitment to maintaining the January-December implementation cycle, emphasizing the need for the Appropriation Act to take effect on January 1, 2024.
In his earlier presentation to the National Assembly, the President outlined a budget deficit of N9.18tn for the fiscal year, lower than the N13.78tn deficit recorded in 2023, constituting 6.11% of the GDP. Tinubu detailed the financing plan for the deficit, involving new borrowings of N7.83tn, N298.49BN from Privatisation Proceeds, and N1.05tn drawdown on multilateral and bilateral loans earmarked for specific development projects.
Notably, on December 29, 2023, the Senate approved an increase of N1.2tn to the budget, pushing the total to N28.7tn. The Appropriation Committee, led by Senator Solomon Adeola, submitted a report specifying the allocation of funds across various sectors, with aggregate expenditure set at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,533,852; capital expenditure at N9,995,143,298,028, and GDP growth projected at 3.88%.
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