President Bola Tinubu signed the N28.78 trillion 2024 Appropriation Bill into law after the ceremony with a warning to ministers and heads of agencies that those who will not help the effective execution of the budget may go slack.
According to a statement issued by the Special Adviser on Media and Publicity, Ajuri Nelle, President Tinubu accepted the bill at Parliament on Monday.
Shortly after returning from Lagos to Abuja.
Speaking at the signing of the bill, the President assured Nigerians that the implementation of the budget will be carried out efficiently and strictly monitored, saying, “I cannot conclude my remarks without saying that a budget can only It is only as good as its implementation.
We will implement this. I want to assure Nigerians that all economic development agencies and our teams have been warned, which is why we are taking our time to separate economic planning from finance.
“MDAs must have regular reports on budgetary performance in the area we have set up to serve ordinary Nigerians.
The goal is to promote efficiency, dedication and accountability.
If you cannot do this, you may have to let us act on your behalf.
“All budget development directorates have been directed to take responsibility and submit monthly reports on budget performance to the Ministry of Budget and Economic Planning, which in turn will verify the accuracy thereof.
“The Finance Minister and the Coordinating Minister for the Economy will hold regular reviews with the economic management team and in addition, I will chair the Economic Coordination Council meetings from time to time,” he said.
He commended the National Assembly for the work it did to present the budget on time, recalled the moments of his budget presentation and summarized the expediency of the process with the nature of the positive relationship that exists between the executive and legislative branches of government “When I presented the budget on November 29, 2023, I submitted N27.5tn and left space, I called for the expeditious handling of the budget, scrutiny, passage, debate, etc.
Today we have a budget of N28.7tn with an increase of N1.2tn over the proposal I submitted.
“I thanked the Parliament for this quick review, amendment and necessary inspection.
This is great evidence and testimony to the excellent relationship between the executive and legislative powers.
We have to continue,” he said. He went on to highlight the focus and structure of the budget, which is said to be aimed at giving hope to ordinary Nigeria as well as balancing the balance more on capital expenditure than recurrent expenditure.
“In my speech, I remarked that this budget is a Renewed Budget of Hope.
It is focused on reducing the deficit and increasing capital spending, particularly in our priority areas.
The 2024 budget we just approved achieves both objectives.
It includes a very good increase in the capital side, a reduction in recurring expenditures, and also led to a reduction in the deficit from 6.11% to 3.88%.
That, to me, is an achievement. “Then we can discuss what it means in the field of economic thought to reduce capital expenditures and current expenditures.
This is a matter of interpretation. It means a lot. It refers to the point at which hopes hang on development and especially human capital development.
“When you pay attention to education, health and road infrastructure, you revive the economy and ensure that ordinary people are transported.
“While we take up Power and Steel and other projects, one of the priority areas that we have just passed is the N100bn provision for school children feeding which is a stimulant that will encourage our school attendance and others.
“I will meet with local governments at sub-national levels so that we can collaborate and deliver a comprehensive program that will help.
Yes, I am pleased with the work you have done in the judiciary and other areas.
All other details will be mentioned later,” he said.
The main priorities of the 2024 budget of N28.7 trillion are defense and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction and social security.
The President emphasized that his commitment to enhancing investment promotion while creating a rules-based society that favors no individual over the law begins with significant reforms in the Nigerian judiciary, the funding for which is set out in the Appropriations Act 2024.
“Funding the judiciary is an important element of our effort to support a fair, rules-based society.
The statutory transfer to the judiciary increased from N165 billion to N342 billion,” the President said.
Some of the key estimates are capital expenditure, N10 trillion; current expenditure, N8.8 trillion; debt servicing, N8.2 trillion, and statutory transfers, N1.7 trillion.
Speaking on the way the budget will be financed, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, said the government will immediately do whatever it takes to ensure that all revenues come in so that it can rely more on the generated revenue than up.
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