Nigeria’s President, Bola Ahmed Tinubu has assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored
The President said that all the institutional mechanisms shall be held to account in ensuring diligent implementation of the 2024 budget.
He stated these on Monday at the State House shortly after returning to Abuja from Lagos for the signing the 2024 Appropriation Bill into law.
In keeping with his avowed commitment to maintaining a timeous, predictable, and efficient budget cycle, President Tinubu said that “the budget is anchored on reducing the deficit and increasing capital expenditure particularly in the eight priority areas.”
“The approved 2024 budget that we just signed will achieve both objectives. It contains a very good increase in the capital side, a reduction in recurrent expenditure and it brought down the deficit from 6.11% to 3.88%. That, to me, is an achievement.
“When you pay attention to education, health and road infrastructure you are resuscitating the economy and making sure that the ordinary people are carried along,” the President explained.
President Tinubu disclosed that the sum of N100bn was approved majorly for the provision of the feeding of school children, describing it as a stimulant that would “increase school enrolment and also address malnutrition among the school children.”
The Nigerian Leader said that the essence of fully involving all MDA is to promote efficiency, dedication, and accountability
“All MDA’s have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such. The Minister of Finance and Coordinator g Minister of the Economy shall hold regular reviews with the Economic Management Team and, in addition, I shall Chair periodic Economic Coordination Council meetings,” he said.
“The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security,” the President said.
He said; “Signing the Appropriation Act today is a great honour because to me as a politician and head of state, there is no holiday. When I was campaigning for this job, I made a pledge that I will commit myself fully and I found it team members particularly Wale Edun, Atiku Bagudu, the National Assembly leadership all of you. I know what today means to everybody and weeks before today.”
The President emphasised that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.
“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from 165 billion naira to 342 billion naira,” the President said.
Some of the key estimates are capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion, and statutory transfers, N1.7 trillion.
President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were present at the signing.
Other senior government officials present at the brief ceremony include: Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.
Mercy Chukwudiebere
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