Skip to content

SME Guide

Tinubu Signs Record N28.7 Trillion 2024 Budget, Vows Diligent Implementation

President Bola Tinubu signed Nigeria’s largest-ever budget of N28.7 trillion for 2024 on Monday, promising vigorous monitoring and accountability in its implementation amid a declining economy.

The record budget comes as Nigeria struggles with falling government revenues, rising inflation, and a weakening naira currency. The government has said revenue generation remains the biggest fiscal constraint, with tax and oil earnings only able to fund less than 10% of government spending.

In his remarks, Tinubu said the priorities for 2024 spending would be security, job creation, economic stability, investment, human capital, and poverty reduction. He warned that all government agencies would be held accountable for diligent and timely budget implementation.

“The Minister of Finance and all Ministers will closely monitor performance, and I will chair regular review meetings. Any agency head failing in their duties will be replaced,” the president stated firmly.

Key budgetary allocations include N342 billion for the judiciary, N340 billion for the Niger Delta Development Commission, and N263 billion for basic education.

Controversially, the National Assembly increased its own budget allocation by a whopping 74% to N345 billion, the highest in Nigeria’s history. This comes against the backdrop of biting economic hardship for average Nigerians amid double-digit inflation and a food crisis across the country.

The lawmakers justified the increase by citing higher expected spending on constituency projects, insurance benefits for aides, and other legislative expenses. Critics, however, accused them of wastefulness and insensitivity.

Overall, the National Assembly has spent over N1.79 trillion of public funds in the last 13 years up to 2023, sparking outrage from civic groups over a perceived waste of scarce resources.

President Tinubu also signed a N2.2 trillion supplementary budget for 2023 to last until March 2024, as well as the securitization of Central Bank overdrafts known as Ways and Means. The government has promised this would be the last resort to such stop-gap borrowing from the apex bank.

Analysts say the success of the 2024 budget will depend largely on significantly improving tax revenues and blocking financial leakages across agencies. However, with elections also slated for next year, it remains to be seen if politics and patronage spending will trump prudent economic management.

Leave a Reply

Your email address will not be published. Required fields are marked *