Tinubu: How I will ensure implementation of N28.7 trillion 2024 Budget

By Ismail Abdulaziz

President Bola Tinubu assured Nigerians that he will ensure vigorously monitor the implementation of the N28.7 trillion 2024 Appropriation Bill he signed into law on Monday.

Tinubu assented to the bill at the State House on Monday, shortly after returning to Abuja from Lagos.

Speaking at the signing of the bill, the President said all the institutional mechanisms shall be held to account in ensuring diligent implementation.

“All MDAs 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 Co-ordinating 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 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 N165 billion to N342 billion,” the president said.

Also speaking after the signing of the bill, the Coordinating Minister of Economy, Wale Edun promised that the budget will be implemented.

“The next in line now is implementation. The N28.8 trillion budget has been signed into law by Mr. President so it’s immediate implementation and it’s a very hopeful budget, one that will inspire Nigerians and encourage those who are investors to come out and invest and even those who rely on government, such as school children and the education sector, they have a lot to benefit.

“But overall, the change in this budget is that it is focused on growing the economy. The capital expenditure is larger than the recurrent expenditure; over N10 trillion is going to be the capital expenditure, while recurrent is just about N8.8 trillion. I think that shows the direction of travel, it shows that we can expect an economy rejuvenated, re-galvanised and set for growth.

“On the issue of financing, usually our budget will try to plan sometimes we’ll have critical issues when it comes to the issue of financial shortfalls here. And there, as coordinating minister, looking at what you see on the table for this project,” he added.

He said Federal Government would be relying more on revenue and less on external borrowing to fund the 2024 Appropriation Act.

According to him: “The first thing to say is that it’s a lower budget deficit, so it’s a lower financing requirement and, as a percentage of GDP, the budget deficit is down from 6.1 per cent to 3.8 per cent

“So we’re relying less on borrowing and more on revenue and I think you have to take the two together. I think we’re very optimistic about the improvements in revenue that will take place.

“We are all ready, even from tomorrow, applying technology and digitalisation to ensure that the revenue that should come to government from all sources, including from government-owned enterprises, comes into the consolidated revenue fund and on the other side, we are bringing order to government borrowing, so Ways and Means is being eliminated by taking the funding that is required from the market, as opposed to from printing of money by the central bank.

“That, in a nutshell, is what is happening on the financing side. We are very optimistic that not only will this budget be funded adequately, but it will be funded on a timely basis as well.

Senate President Akpabio also promised that the National Assembly would ensure strict implementation of the 2024 federal budget.

According to him: “Ours is to ensure that we make sure that we monitor what goes on to ensure that yes, indeed, it is wanting to do a budget is another thing for the budget to be fully implemented.

“We will make sure that if there is need we also undertake joint monitoring of the implementation of the budget to ensure that yes, nobody can tell us one thing in the green chambers or nothing in the red chambers. We will make sure that we monitor very well.

“The President has also assured us that he has passed the marching orders so that ours is to make sure that we do our job oversight, oversight, oversight, oversight.”

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 included 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, Sen. Atiku Bagudu, and National Security Adviser, Nuhu Ribadu. (NAN) (www.nannews.ng)