Avoiding the road travelled by his predecessors, who usually kicked at the retouching of budget proposals in the past, on the grounds that the content is a sole function of the executive rather than the legislature, President Bola Tinubu, himself a former Senator, went ahead to sign the 2024 federal budget on Monday, regardless of the N1.2trillion injected on it by the National Assembly.
At the event, which took place at the Presidential Villa in Abuja Tinubu, who had earlier promised Nigerians a lot of goodies in his New Year nationwide broadcast, ordered all the Ministries, Departments and Agencies of the Federal Government to roll their sleeves and get to work in order to meet the expectation.
The President, who had arrived his office on the same day after spending the previous week on vacation in Lagos, signed the N28.7trillion budget document that had been previously passed by the National Assembly just hours after, in the presence of the NASS leadership and other critical government officials.
Apparently on all fours with the lawmakers over the injection of the N1.2trillion, more than what he suggested to the National Assembly during a joint session on November 29, 2023, Tinubu, also acknowledged the deficit of N9.18 trillion contained in the budget, which he said was lower than the N13.78tn deficit recorded in 2023 which represents 6.11 per cent of GDP.
His words: “The deficit will be financed by new borrowings totalling N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects,” while emphasising the need to maintain the January-December implementation cycle saying “Our goal is to ensure that the Appropriation Act comes into effect on January 1, 2024.”
On Friday, December 29, 2023, the Senate increased the 2024 budget by N1.2tn, moving the budget from N27.5tn to N28.7tn.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768.5330,852; capital expenditure at N9,995,143,298,028 and GDP at 3.88 per cent.
“All MDA’s have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such. The Minister of Finance and Co-ordinating Minister of the Economy shall hold regular reviews with the Economic Management Team, and, in addition, I shall Chair periodic Economic Coordination Council meetings,” he said
The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.
The President emphasised that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured 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 naira to 342 billion naira,” the President said.
Some of the key estimates in the budget signed in the presence of President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, included capital expenditure of N10 trillion; recurrent expenditure of N8.8 trillion; debt service of N8.2 trillion, and statutory transfers of N1.7 trillion,.
Other senior government officials present at the brief ceremony include: 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, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.