President Bola Tinubu on Wednesday, November 28, presented the 2024 Appropriation Bill to a Joint Session of the National Assembly. This will be \u00a0President Tinubu\u2019s first substantive Appropriation Bill since assuming office on May 29, 2023. It will be recalled that he had submitted the 2023 Supplementary Budget to the National Assembly in October 2023. <\/p>\n\n\n\n
In his welcome address at the 2024 Budget presentation, President of the\nSenate, Senator Godswill Akpabio expressed the National Assembly\u2019s commitment\nto \u201cconduct a thorough and meticulous review of the budget estimates.\u201d He noted\nthat both chambers of the National Assembly agree on the need to \u201cencourage the Executive Arm to unbundle some agencies for effectiveness,\nand merge agencies of Government which job definitions or or roles overlap, for greater effectiveness\u201d. He also expressed continued support for the war against corruption and collaboration with anti-graft agencies to ensure a stop to loss of public funds that should otherwise be used for\ndevelopment. He further requested that President Tinubu should mandate Ministers\nand Heads of Agencies to avoid any travelling engagements that would prevent\nthem from honoring invitations to appear before\nthe National Assembly Committees to defend their\nbudget estimates.<\/p>\n\n\n\n
In his speech, Speaker of the House of Representatives, Rt. Hon.\nTajudeen Abbas noted that the National Assembly will ensure that the\n2024 budget includes concrete strategies for sustainable debt management,\nincluding measures to increase revenue and control expenditure. He further noted that the effectiveness\nand legitimacy of fiscal policies depend to a very large extent on public\nsupport. According to him, the House of Representatives in line with its\nLegislative Agenda, will convene the first national Citizens\u2019 Budget Town Hall\nto harness public input and opinion. He added that the House will work to\ninstitutionalise pre-budget engagement with the Executive, to further improve\nand hasten the budget process. He further noted that well-known gaps in the\nvarious stages of the budget process underscore the need for budget reforms,\nincluding altering relevant sections of the Constitution and existing laws. He\ntherefore proposed the passage of a \u2018Budget Act\u2019 to strengthen the budget\nprocess and promote development outcomes. <\/p>\n\n\n\n
President Bola Tinubu in his presentation of the \u20182024 Budget of Renewed\nHope,\u2019 stated that the budget will help address structural problems in\nthe economy by lowering the costs of doing business for companies and the cost\nof living for the average person. According to the President, the budget accords\ntop priority to defence, internal security and human capital development. <\/p>\n\n\n\n
The President noted that the Government has made\nprovisions to leverage private capital for big-ticket infrastructure projects\nin energy, transportation and other sectors, emphasising public-private\npartnerships. He added that a more sustainable model of funding tertiary\neducation will be implemented, including the Student Loan Scheme scheduled to\nbecome operational by January 2024.<\/p>\n\n\n\n
He further noted that the Federal Government is reviewing\nsocial investment programmes to enhance their implementation and effectiveness.\nIn particular, the National Social Safety Net project will be expanded to\nprovide targeted cash transfers to poor and vulnerable households, and efforts\nmade to graduate existing beneficiaries toward productive activities and\nemployment. <\/p>\n\n\n\n
The proposed 2024 National Budget of N27.5 trillion consisting of a\nprojected revenue of N18.3 trillion and deficit of N9.18 trillion. He\nproposed expenditure is as follows:<\/p>\n\n\n\n
The budget is predicated on the parametres set out in the 2024-2026 Medium-Term\nExpenditure Framework and Fiscal Strategy Paper (MTEF-FSP), earlier approved by\nthe National Assembly. The exchange rate is placed at N750 to $1, crude oil\nbenchmark price at $77.96 per barrel with production estimate of 1.78 million\nbarrels per day and the inflation rate put at 21.4%. <\/p>\n\n\n\n
The 2023 budget\ndeficit of N9.18 trillion or 3.88 percent of Gross Domestic Product (GDP) is\nlower than the N13.78 trillion deficit recorded in 2023, which represents 6.11\npercent of GDP. The deficit will be financed by new borrowings totalling 7.83\ntrillion. The sum of N298.49 billion will come from Privatisation Proceeds while\nN1.05 trillion will come from drawdown on multilateral and bilateral loans\nsecured for specific development projects.<\/p>\n\n\n\n
A breakdown of the\n2024 budget released by the Minster of Budget and Economic Planning, Abubakar\nAtiku Bagudu shows allocations to critical sectors, as follows:<\/p>\n\n\n\n
Education \u2013 N2.18\ntrillion (7.9% of the budget) <\/em><\/p>\n\n\n\n Health \u2013 1.33\ntrillion (5% of the budget) <\/em><\/p>\n\n\n\n Defence and\nSecurity \u2013 N3.25 trillion (12% of the budget) <\/em><\/p>\n\n\n\n Infrastructure \u2013\nN1.32 trillion (5% of the budget) <\/em><\/p>\n\n\n\n Social Development\n& Poverty Reduction Programmes \u2013 N534 billion (2% of the budget) <\/em><\/p>\n\n\n\n President Bola Tinubu on Wednesday, November 28, presented the 2024 Appropriation Bill to a Joint Session of the National Assembly. This will be \u00a0President Tinubu\u2019s first substantive Appropriation Bill since assuming office on May 29, 2023. It will be recalled that he had submitted the 2023 Supplementary Budget to the National Assembly in October 2023. […]<\/p>\n","protected":false},"author":2,"featured_media":3480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=3478"}],"version-history":[{"count":2,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3478\/revisions"}],"predecessor-version":[{"id":3490,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3478\/revisions\/3490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/3480"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=3478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=3478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=3478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}