Nigerian President Bola Tinubu has signed into law a 28.7 trillion naira ($31.9 billion) budget for the 2024 financial year.
Speaking after assenting to the 2024 Appropriation Bill in the capital Abuja on Monday, Tinubu said the funds would be prudently spent to achieve their intended purpose.
"All the institutional mechanisms shall be held to account in ensuring diligent implementation," the president said.
Tinubu also ordered the respective government ministries, departments and agencies to provide monthly budget performance reports to the ministry of budget and economic planning.
Regular reviews
"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," the president said.
Nigeria has prioritised defence, internal security, job creation, macro-economic stability, poverty reduction and social security in the 2024 financial year budget.
Tinubu said allocation to the judiciary increased by 165 billion naira ($183.5 million) in the new financial year – to 342 billion naira ($380.4 million), from 177 billion naira ($196.9 million) in 2023.
"Funding the judiciary is a major element in our effort to support a just, rules-based society," he said.
Debt repayment
Nigeria will channel 8.2 trillion naira ($9.1 billion) to debt repayment, 8.8 trillion naira ($9.8 billion) to recurrent expenditure, 10 trillion naira (11.1 billion) to capital expenditure and 1.7 trillion naira ($1.9 billion) to statutory transfers in the new financial year.
Both the Senate and the National Assembly approved Nigeria's budget statement for 2024 in late December 2023.
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