The 2024 Appropriation Act was signed into law by President Bola Ahmed Tinubu on 1 January 2024 at a headline figure of ₦28.78 trillion. By the time of the Mid-Year Performance Review (July 2024) and the First Supplementary Appropriation Act (July 2024), the envelope had been revised upward to ₦35.06 trillion; a Second Supplementary Act in November 2024 took the consolidated 2024 envelope to ₦54.99 trillion — the largest in Nigerian history and, in nominal terms, larger than the cumulative federal budgets of every year from 1960 to 2003.
Key lines: (i) statutory transfers ₦1.74 trillion; (ii) debt service ₦8.27 trillion — exceeding the entire 2024 capital budget of ₦8.78 trillion and consuming an estimated 74% of retained federal revenue across the year; (iii) recurrent (non-debt) expenditure ₦8.77 trillion; (iv) capital expenditure ₦8.78 trillion; (v) Government-Owned Enterprises (GOE) capital ₦1.30 trillion; (vi) supplementary security and infrastructure ₦27.4 trillion in the November tranche.
The projected deficit of ₦9.18 trillion was financed through a programme of FGN Eurobonds (October 2024 — $2.2 billion at 9.625% / 10.375%), domestic FGN Bond auctions cleared at coupons of 18.5–22.6%, the maiden FGN Domestic Dollar Bond ($900 million, August 2024), and continued draw-downs on the African Development Bank and World Bank development-policy operations. Total public debt at the close of 2024 reached ₦144.67 trillion, a figure the Debt Management Office attributes substantially to the further depreciation of the naira against the dollar through 2024 rather than to fresh borrowing in real terms.
The 2024 Act marked the first Nigerian budget in which projected expenditure exceeded the entirety of projected revenue plus the projected deficit financing — a structural position in which servicing prior obligations has, for the moment, displaced the discretionary fiscal capacity of the federation.