By Ken Afor
President Bola Tinubu has officially signed the 2024 Appropriation Bill, amounting to N28.78 trillion, into law at the Presidential Villa, Abuja.
This trails the passage of the budget by the two chambers of the National Assembly on Saturday, December 30, 2023.
On his arrival at the Presidential Villa in Abuja from the airport precisely at 2pm, President Tinubu
proceeded directly to the budget signing ceremony, accompanied by a group of senior government officials.
The President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon. Tajudeen Abbas, were both in attendance during the budget signing ceremony.
The presence of Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Alhaji Atiku Abubakar, the Minister of Budget and Economic Planning, and Mallam Nuhu Ribadu, the National Security Adviser (NSA), was duly noted.
Additionally present were the President’s Chief of Staff, Hon Femi Gbajabiamila; Dr Abdullahi Ganduje, the National Chairman of the ruling All Progressives Congress (APC); and Senator Olamilekan Adeola, the Chairman of the Senate Appropriation Committee, among other notable individuals.
It would be recalled, the Senate and House of Representatives increased the budget from N27.5 trillion, which was initially proposed by President Bola Tinubu on Wednesday, November 29, to N28.7 trillion.
This shows an increase of over N1.2 trillion.
The Senate also approved the executive arm of government’s proposal to increase the exchange rate from N750 to N800 per dollar
Meanwhile, President Tinubu also called on Nigerians to remain united and lend their support to his administration’s efforts in constructing a stronger nation and fostering a Nigerian society that prioritizes the welfare of all its citizens.
In a New Year message broadcast to Nigerians at 7 am on Monday, the President encouraged them to remain steadfast in the face of challenging times and hardships.
“Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter,” President Tinubu said.
His words: “The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation.
“Our situation should make us resolve that this new year 2024, each and every one of us will commit to be better citizens.”
It would be recalled that President Tinubu, moments after his inauguration on May 29, made a significant declaration that marked the end of fuel subsidy which brought untold hardship to the citizens as a result of astronomical increase in price of petrol negatively impacting prices of goods and services in the country.
The President proceeded to declare the flotation of the naira, a strategic step towards merging the foreign exchange platforms, resulting in a significant decline in the value of the naira, with the current exchange rate reaching up to 1,000 naira per dollar.
Additionally, fuel prices have surged from N187 to over N600 in various regions across the country.
However, while many attribute these measures to the heightened difficulties experienced in the nation, the President reiterated his stance, defending these actions as integral to enhancing the economy.
“Everything I have done in office, every decision I have taken, and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country,” the President said.
“Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades.
“Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families, and businesses.”
