In a decisive move, President Bola Ahmed Tinubu warned ministers and heads of agencies that obstruct the effective implementation of the 2024 Appropriation Act would face removal.
The President, who signed the N28.78 trillion budget, allocated N10 trillion to capital expenditure, N8.8 trillion to recurrent expenditure, N8.2 trillion to debt service, and N1.7 trillion to statutory transfers.
President Tinubu, celebrating Christmas and New Year in Lagos, emphasized the importance of efficiently executing the budget and rigorous monitoring. He stressed that Ministers and agencies must provide regular reports on budgetary performance and face consequences if unable to deliver.
Acknowledging the National Assembly’s swift review and approval, Tinubu commended the relationship between the executive and the legislature. The President highlighted the budget’s focus on reducing the deficit, increasing capital expenditure, and promoting economic growth. Key priorities include defence, internal security, job creation, macroeconomic stability, human capital development, and poverty reduction.
Regarding the judiciary, Tinubu announced an increase in statutory transfers to the Judiciary from N165 billion to N342 billion. The President expressed optimism about revenue improvements, stating the government’s reliance on generated revenues over borrowing. The Minister of Finance, Wale Edun, emphasized a lower budget deficit and increased revenue optimism.
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In response to criticism of the speedy passage of the Appropriation Bill, the Minister of Budget and National Planning, Atiku Bagudu, defended the thorough process, citing the experience and cooperation of those involved.
Senate President Godswill Akpabio affirmed the legislative commitment to monitor implementation, aligning with the President’s directive. The President also signed the 2023 Supplementary Budget, extended to March 31, and approved the securitization of Ways and Means, ending controversial borrowing practices.
The signing ceremony witnessed the presence of key officials, including the Senate President Akpabio, Abbas, Edun, Bagudu, National Security Adviser, NSA, Mallam Nuhu Ribadu; Chief of Staff to the President Femi Gbajabiamila; National Chairman of the All Progressives Congress, APC, Dr. Abdullahi Ganduje; Chairman of the Senate Appropriation Committee Senator Olamilekan Adeola and Chairman of the House of Representatives Committee on Appropriation Abubakar Bichi, and others.
The President urged a collective effort to ensure the successful execution of the budget, reflecting renewed hope and a commitment to the nation’s development.
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