History as President Tinubu signs 2024 budget, extends 2023 supplementary budget

David OputahJanuary 2, 20242 min

The President makes history as he not only signs 2024 budget but also endorses the extension of the 2023 supplementary appropriation earlier passed by the parliament 

signs 2024 budget

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

The president also signed the N2.2tn supplementary appropriation for 2023 which will now run alongside the 2024 budget until March 31, 2024. He appended his signature to the bills on Monday, January 1, 2024.

OrderPaper recalls that the National Assembly, in passing the 2024 appropriation bill during a special plenary session on Saturday, increased the budget from N27.5 trillion presented by the President in November by N1.2 trillion.

Among other things, President Tinubu also securitized the Ways and Means, a credit facility financed by the Central Bank of Nigeria (CBN).

Present during the signing ceremony were President of the Senate, Sen. Goodswill Akpabio; Speaker of the House Representatives, Rep. Abbas Tajudeen; the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun; and the Minister of Budget and Economic Planning, Abubakar Bagudu.

Others in attendance were the chairman, Senate committee on Appropriation, Sen. Solomon Adeola, his counterpart from the House of Representatives, Rep. Abubakar Bichi and the Chief of Staff to the President, Femi Gbajabiamila.

With the signing of the budget, the Tinubu presidency is set continue with the January-December budget cycle initiated by the administration of  President Muhammadu Buhari.

Some of the key estimates of the 2024 Budget are: capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion, and statutory transfers, N1.7 trillion.

David Oputah

Oputah David M is a Bloomberg-trained Journalist with a diversified experience in online journalism and newsroom management. He is a 2023 MTN Media Innovation fellow!

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