President Bola Tinubu officially signed the N28.7 trillion 2024 budget into law, unveiling significant changes during a brief ceremony at the Presidential Villa in Abuja on Monday.
The budget, initially proposed at a lower figure, underwent noteworthy legislative deliberations, resulting in a substantial increase of N1.2 trillion. The Senate played a pivotal role in this adjustment, pushing the total budget to the unprecedented sum of N28.7 trillion.
A high-profile gathering witnessed the signing ceremony, attended by influential figures such as Senate President Senator Godswill Akpabio, Speaker of the House of Representatives Hon Tajudeen Abbas, and other key dignitaries, including Minister of Finance Wale Edun, Minister of Budget and Economic Planning Atiku Abubakar, National Security Adviser Nuhu Ribadu, and Chief of Staff Femi Gbajabiamila.
Breaking down the approved budget, N1.743 trillion is allocated for statutory transfers, and N8.271 trillion is earmarked for debt servicing. Recurrent (non-debt) expenditure is set at N8.769 trillion, while N9.995 trillion is allocated for capital expenditure, extending until December 31, 2024.
The budget review revealed a fiscal deficit of N9.179 trillion, set to be financed through asset sales and privatization (N298,486,421,740), as well as multilateral and bilateral projects (N7,828,529,477,860).
Noteworthy allocations include N263.044 billion for the Universal Basic Education Commission (UBEC), N131.836 billion for the North East Development Commission (NEDC), and N131.522 billion for the Basic Healthcare Provision Fund (BHPF).
The National Assembly budget breakdown unveiled significant allocations, with N78.624 billion for the House of Representatives and N49.145 billion for the Senate. Various projects, such as the National Assembly Recreation Centre and the NASS ultramodern printing press, received substantial funding.
In the realm of recurrent expenditure, the Ministry of Defense secured the highest allocation at N1.308 trillion, followed by the Ministry of Police Affairs, the Ministry of Education, and the Ministry of Health and Social Welfare.
President Tinubu’s approval of the budget marks a turning point in the nation’s financial landscape, introducing unprecedented figures and strategic allocations for key sectors.
