President Bola Tinubu cemented Nigeria’s 2024 financial path on Monday, signing the N28.7 trillion budget into law at the Presidential Villa in Abuja. This hefty sum, N1.2 trillion more than his initial proposal, underscores the government’s ambitious plans for the year ahead, even amid concerns about the increased spending.
Flanked by dignitaries like Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, Tinubu penned his signature on the legislation after a weekend break in Lagos. The ceremony underscored the collaborative effort that yielded the final budget, which saw the National Assembly adding N1.2 trillion to the President’s original N27.5 trillion proposition.
This revised budget reflects a mix of hope and caution. It allocates significant resources to critical areas like capital expenditure (N9.99 trillion) and infrastructure development, aiming to fuel economic growth. However, the substantial increase also raises eyebrows, with some questioning its sustainability in light of ongoing fiscal challenges.
Senator Solomon Adeola, chair of the Senate Appropriation Committee, shed light on the breakdown of the budget. Statutory transfers receive N1.74 trillion, while recurrent expenditure claims N8.76 trillion. Notably, the revised budget sets a GDP growth target of 3.88%, hinting at optimism for the year despite global economic uncertainties.
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