President Bola Tinubu’s recent signing of the 2024 Appropriation Bill into law signifies a pivotal commitment to an efficient budget cycle in Nigeria. The event, marked by the president’s assent to the bill at the State House, underscores a deliberate effort to uphold timely and predictable budget processes.
During the signing ceremony, President Tinubu articulated his assurance to Nigerians regarding the resolute pursuit of efficient budget implementation. He underscored the importance of holding institutional mechanisms accountable, emphasizing the mandatory provision of monthly Budget Performance Reports by all Ministries, Departments, and Agencies (MDAs) to the Ministry of Budget and Economic Planning. This directive aims to ensure the accuracy and transparency of budget performance assessments.
Furthermore, the President highlighted the pivotal role of the Minister of Finance and Coordinating Minister of the Economy in conducting regular reviews with the Economic Management Team. Notably, he outlined his personal oversight through periodic Economic Coordination Council meetings, emphasizing a hands-on approach to budget monitoring and economic management.
The 2024 budget, amounting to N28.7 trillion, prioritizes critical sectors such as defence and internal security, job creation, macro-economic stability, investment environment enhancement, human capital development, as well as poverty reduction and social security.
Notably, President Tinubu reiterated his dedication to fostering investment promotion and establishing a rules-based society that upholds the primacy of the law. He emphasized the budget’s allocation towards pivotal reforms in the Nigerian judiciary, signaling a proactive step towards bolstering the country’s legal and justice framework. The substantial increase in statutory transfers to the judiciary, from N165 billion to N342 billion, attests to the government’s commitment to fortifying the judicial system.
Key budgetary allocations include N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt servicing, and N1.7 trillion for statutory transfers, reflecting a holistic approach to fiscal planning and resource allocation.
The ceremonial signing was graced by the presence of prominent dignitaries, including President of the Senate Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, and a host of senior government officials.
In conclusion, President Tinubu’s assent to the 2024 Appropriation Bill heralds a new phase of stringent fiscal oversight and commitment to bolstering key sectors for national development. With an emphasis on transparent performance reporting and judicious allocation of resources, the Nigerian government signals its unwavering determination to steer the country towards sustainable economic growth and social progress.
