On January 1, President Bola Tinubu officially endorsed the 2024 Appropriation Bill at the Presidential Villa in Abuja.

This crucial step took place as President Tinubu returned to Abuja from a week-long holiday in Lagos.

The approved budget stands at N28.7 trillion, indicating a notable increase of N1.2 trillion compared to the initial proposal presented to the National Assembly on November 29, 2023.

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The Senate made the adjustment on December 29, 2023, raising the budget from N27.5 trillion to its current amount.

The Appropriation Committee, led by Senator Solomon Adeola, outlined the budget’s key allocations, including aggregate expenditure 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 growth projected at 3.88 percent.

During the signing ceremony, President Tinubu was accompanied by key figures such as Senate President Godswill Akpabio, House of Representatives Speaker Tajudeen Abbas, Finance Minister Wale Edun, Budget and Economic Planning Minister Atiku Abubakar, and National Security Adviser Nuhu Ribadu.

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Other notable attendees included Chief of Staff Femi Gbajabiamila, APC National Chairman Abdullahi Ganduje, Senate Appropriation Committee Chairman Olamilekan Adeola, among others.

The signing of the N28.7 trillion 2024 Appropriation Bill marks a significant milestone for the country’s fiscal plans.