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. Tinubu signed<\/p>\n","protected":false},"author":1,"featured_media":5045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/5044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/comments?post=5044"}],"version-history":[{"count":1,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/5044\/revisions"}],"predecessor-version":[{"id":5046,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/5044\/revisions\/5046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media\/5045"}],"wp:attachment":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media?parent=5044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/categories?post=5044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/tags?post=5044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}