Tinubu Assents to the 2024 Budget Bill, Reads Riot Act to Ministers, Others on Implementation

President Tinubu has read a riot act to ministers and heads of federal agencies over the implementation of the just approved 2024 budget bill.

Tinubu after assenting to the bill on Monday at the Presidential Villa, Abuja, warned any of them who fails to fully implement the budget that they would be fired.

He said there would be regular report of budgetary performance by ministries, department and agencies to promote accountability to the budget and economic planning ministries to verify their claim.

Also, the economic coordinating council will hold periodic meetings with his economic management team which he would preside over.

According to the President, the budget approved by the national assembly, has live up to his promise to reduce budget’s deficit, while increasing the capital votes.

He explained that major budgetary estimates in the budget are Capital Votes (N10 trillion), Recurrent Expenditure (N8.8 trillion), Debt Service (N8.2 trillion), and (N1.7 trillion) for Statutory Transfer.

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Finance and Economy Coordinating Minister, Wale Edun said the budget is structured on less borrowing and more on revenue whose collection would be driven by technology and digitalization.

The budget is based on the crude oil benchmark price of $77.96, daily production of 1.78 million barrels of crude oil, and an exchange rate of N800 to a dollar.

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 coordinating 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.

Top priorities in 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 emphasized that his commitment to enhance investment promotion, while creating a rule-based society that favoured no individual over the law, begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.