President Bola Tinubu has officially approved the 2024 appropriation bill totaling N28.7 trillion. The signing ceremony took place at the Presidential Villa in Abuja on Monday, attended by several dignitaries including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas.
Notable figures present during the signing included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Abubakar; the National Security Adviser (NSA), Nuhu Ribadu, along with 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.
Tinubu finalized the budget shortly after arriving in Abuja from a week-long holiday spent in Lagos. The 2024 budget surpasses the initially proposed budget, which Tinubu presented to a joint session of the National Assembly on November 29, 2023, by N1.2 trillion.
On December 29, 2023, the Senate made amendments, increasing the 2024 budget by N1.2 trillion, raising it from N27.5 trillion to N28.7 trillion. As per the report submitted by the Appropriation Committee, led by Senator Solomon Adeola, the breakdown of the budget includes aggregate expenditure at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,533,852; capital expenditure at N9,995,143,298,028; and a projected GDP growth rate of 3.88 per cent.