Pres. Tinubu signs N28.7 trillion 2024 budget into law

VAM News January 1, 2024 in National Tagged 2024 Budget, Law, N28.7 trillion, Pres. Tinubu - 1 Minute

President Bola Tinubu has signed the N28.7 trillion 2024 Budget into law.

The President assented to the Appropriation Bill at a brief ceremony at the Presidential Villa in Abuja on Monday.

Present at the ceremony 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 Bagudu and National Security Adviser (NSA), Nuhu Ribadu, were also at the event.

Also present at the budget signing ceremony 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.

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Tinubu signed the budget hours after he arrived in Abuja from Lagos where he spent the past week holidaying.

The signed 2024 budget is N1.2 trillion higher than the budget the President proposed to a joint session of the National Assembly on November 29, 2023.

However, on Friday, December 29, 2023, the Senate increased the 2024 budget by N1.2 trillion, from the initial sum of N27.5 trillion to N28.7 trillion.

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.