Tinubu signs N28.78tn budget into law

… promises relief for Nigerians in New Year’s message

President Bola Tinubu, on Monday, signed the N28.78 trillion budget for 2024 into law.

Speaking at the signing of the appropriation bill, the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored, saying: “All the institutional mechanisms shall be held to account in ensuring diligent implementation.”

“All MDAs have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such. The Minister of Finance and Co-ordinating Minister of the Economy shall hold regular reviews with the Economic Management Team and, in addition, I shall chair periodic Economic Coordination Council meetings,” he said.

The top priorities of the 2024 budget are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasised that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the judiciary, the funding for which is captured in the 2024 Appropriation Act.

“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the judiciary has been increased from N165 billion to N342 billion,” he said.

Some of the key estimates are capital expenditure of N10 trillion, recurrent expenditure of N8.8 trillion, debt service of N8.2 trillion, and statutory transfers of N1.7 trillion.

The National Assembly had last Saturday passed the 2024 budget, increasing it by a total of N1.2 trillion from N27.5 trillion.

Tinubu had on November 29, presented a proposed N27.5 trillion budget before the joint session of the National Assembly.

Meanwhile, in his first New Year address since he took office, he expressed empathy for the challenges faced by Nigerians, acknowledging their struggles amidst economic and security issues.

Reflecting on the past year, he recognised the economic and social hardships Nigerians have endured.

“From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families,” he said.

He promised to focus on revamping the economy and restoring security.

Tinubu highlighted several strategic decisions made by his administration, including the controversial removal of fuel subsidies and reforms in the foreign exchange system. These decisions, he admitted, brought discomfort but were necessary steps to avert fiscal catastrophe.

However, the President reassured citizens of his commitment to national prosperity and economic recovery. “Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country,” he said.

Highlighting his administration’s initiatives, Tinubu mentioned the progress in the Siemens Energy power project and other efforts to enhance the nation’s power supply. He also detailed plans to boost food production and create a more business-friendly environment in Nigeria.

“Tough times never last,” he said, urging Nigerians to rekindle their faith in the nation’s promise.

Tinubu outlined his administration’s priorities, including defence and security, job creation, and human capital development. He also announced the implementation of a new national living wage to support workers.