President Bola Tinubu has signed the N28.7 trillion 2024 budget into law during a brief ceremony at the Presidential Villa in Abuja on Monday.
The signing marks the culmination of legislative deliberations that saw an increase of N1.2 trillion from the initially proposed budget figure.
The Senate had increased the budget by pushing the total budget to N28.7 trillion.
The Senate President Senator Godswill Akpabio, Speaker of the House of Representatives Hon Tajudeen Abbas, Minister of Finance and Coordinating Minister of the Economy Wale Edun, Minister of Budget and Economic Planning Atiku Abubakar, National Security Adviser, Nuhu Ribadu, and Chief of Staff Femi Gbajabiamila were among those present during the budget signing.
The breakdown of the approved budget showed that the sum of N1.743 trillion is for statutory transfers and N8.271 trillion is for debt servicing.
The sum of N8.769 trillion is for recurrent (non-debt) expenditure, while N9.995 trillion is for capital expenditure for the year ending December 31, 2024.