President Bola Tinubu on Monday afternoon signed into law the 2024 Appropriation Bill at the Presidential Villa, Abuja.<\/p>\n
Tinubu signed the N28.7tn budget document earlier approved by the National Assembly hours after he arrived in Abuja from Lagos where he spent the past week holidaying.<\/span><\/p>\n The budget is N1.2tn higher than the budget he proposed to a joint session of the National Assembly on November 29, 2023.<\/span><\/p>\n Then, the President had pegged the budget deficit for the 2024 fiscal year at N9.18tn.<\/span><\/p>\n He stated, \u201cThe N9.18tn deficit is lower than the N13.78tn\u00a0deficit recorded in 2023 which represents 6.11 per cent of GDP.<\/span><\/p>\n \u201cThe deficit will be financed by new borrowings totalling N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion\u00a0 drawdown on multilateral and bilateral loans secured for specific development projects.\u201d<\/span><\/p>\n He also emphasized the need to maintain the January-December implementation cycle saying \u201cOur goal is to ensure that the Appropriation Act comes into effect on January 1, 2024,\u201d<\/span><\/p>\n On Friday, December 29, 2023, the Senate increased the 2024 budget by N1.2tn, moving the budget from N27.5tn to N28.7tn.<\/span><\/p>\n According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861;\u00a0statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768.5330,852<\/a>; capital expenditure at N9,995,143,298,028 and GDP at 3.88 per cent.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" President Bola Tinubu on Monday afternoon signed into law the 2024 Appropriation Bill at the Presidential Villa, Abuja.<\/p>\n","protected":false},"author":1,"featured_media":17348,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[8174,763,7042],"class_list":["post-17316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2024-budget","tag-law","tag-president-bola-ahmed-tinubu"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17316"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17316"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17316\/revisions"}],"predecessor-version":[{"id":17318,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17316\/revisions\/17318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/17348"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}