A report by Leadership newspwper indicates that the National Assembly (NASS) is poised to accelerate the passage of the 2024 Appropriation Bill, amounting to N27.5 trillion, potentially approving it by December 19, 2023.
The bill, dubbed the “Budget of Renewed Hope,” was promptly tabled for consideration after President Bola Ahmed Tinubu submitted it to the legislature.
At the Senate session, discussions immediately commenced for the second reading after its first reading, signifying an expedited process.
The House of Representatives equally debated the budget’s fundamental principles without delay.
Senate Leader Bamidele Opeyemi outlined critical components of the proposed budget, including an oil price benchmark of $77.96 per barrel and an estimated oil production of 1.78 million barrels per day.
Additionally, the budget forecasts an exchange rate of N750 to the dollar.
He highlighted that federally-collectible revenue for 2024 was approximately N16.87 trillion, with federally distributable revenue at N11.09 trillion. This revenue contributes to the total available budget, amounting to N9.73 trillion.
The breakdown includes various revenue sources, such as oil, non-oil taxes, and independent revenues.
The proposed allocation comprises statutory transfers, recurrent costs, personnel expenses, pensions, gratuities, overheads, capital expenditure, debt service, and sinking funds.
Notably, Opeyemi expressed concern over recurrent expenditure accounting for over 43% of the budget and the projected deficit of N9.8 trillion, surpassing the three per cent GDP threshold stipulated by the Fiscal Responsibility Act, 2007.
Addressing the deficit, Opeyemi outlined financing plans, including new borrowings, privatization proceeds, and loans secured for specific development projects and programs.
He defended the borrowing strategy, citing its utilization for critical development projects to enhance economic conditions and public service delivery.
During the debate, Senator Osita Ngwu commended Tinubu for incorporating food security and poverty alleviation measures in the budget. Others echoed their support for the proposed budget, viewing it as a beacon of hope.
In the House of Representatives, discussions emphasized the budget’s focus on economic challenges, defence, security, and capital projects. Representatives lauded the allocation for security, recognizing its pivotal role in fostering economic growth.
They also highlighted the budget’s intent to diversify the economy and address unemployment.
The urgency for swift budget consideration to kickstart implementation and the President’s collaboration with states in revenue strategies were notable points raised during the deliberations.
