In a resolute move towards transparency and efficiency, President Bola Tinubu has inked his approval on the 2024 Appropriation Bill, emphasizing a commitment to a timely, predictable, and effective budget cycle. The signing ceremony took place at the State House on Monday, immediately after the President’s return to Abuja from Lagos. As the ink dried on the legislation, Tinubu, in a resounding declaration, directed all Ministries, Departments, and Agencies (MDAs) to submit monthly performance reports, reinforcing accountability in the implementation of the budget.
President Tinubu’s dedication to holding institutional mechanisms accountable for diligent implementation was evident as he addressed the audience during the bill signing. He stressed that all MDAs have received explicit instructions to furnish the Ministry of Budget and Economic Planning with monthly Budget Performance Reports. The Ministry, in turn, will be tasked with ensuring the accuracy and reliability of these reports. Additionally, Tinubu announced that the Minister of Finance and Coordinating Minister of the Economy would conduct regular reviews with the Economic Management Team. Furthermore, he himself would preside over periodic Economic Coordination Council meetings, underscoring the gravity of his commitment to meticulous oversight.
The core focus areas of the 2024 budget, amounting to ₦28.7 trillion, spotlight critical sectors such as defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security. The President emphasized that his commitment to promoting investment and fostering a rules-based society commences with pivotal reforms in the Nigerian judiciary, the funding for which is explicitly outlined in the 2024 Appropriation Act.
“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from ₦165 billion to ₦342 billion,” affirmed President Tinubu, underscoring the strategic allocation of resources to fortify the legal system.
Breaking down the key estimates, the budget allocates ₦10 trillion to capital expenditure, ₦8.8 trillion to recurrent expenditure, ₦8.2 trillion to debt service, and ₦1.7 trillion to statutory transfers. The signing ceremony witnessed the presence of key legislative figures, including President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas.
Among the senior government officials attending the brief yet significant ceremony were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Sen. Atiku Bagudu, and National Security Adviser, Nuhu Ribadu. The collective presence of these high-ranking officials underscores the gravity of the moment and the collaborative approach taken in steering the nation through a pivotal financial year. President Tinubu’s decisive actions and strategic directives set the stage for a budgetary cycle characterized by accountability, efficiency, and a steadfast commitment to national development.**
