President Bola Tinubu has officially signed the N28.7 trillion 2024 Budget into law at a brief ceremony held at the Presidential Villa in Abuja on Monday. The signing comes after the 10th Senate passed the 2024 Appropriation Bill, which had its size increased from the initially proposed N27.5 trillion by President Tinubu.
The budget approval reflects a revision that added N1.2 trillion to the initially proposed amount. The Chairman of the House Committee on Appropriation, Abubakar Bichi, revealed that the increase was attributed to factors such as inflation and the commitment from Government Owned Enterprises (GOEs) to augment their revenue.
Key allocations in the approved budget include the Ministry of Defence receiving the highest allocation of N1.3 trillion, followed by the Ministry of Police Affairs with N869.121 billion, and the Ministry of Education with N857.134 billion. President Tinubu expressed confidence in the budget’s potential to address key areas such as infrastructure, health, education, agriculture, security, and employment, as well as financial management reforms.