On Thursday, the House of Representatives began debate on the bill to authorise the issuance from the consolidated revenue fund of the federation of a total sum of N27.5 billion.
This followed the budget presentation by President Bola Tinubu at a joint sitting of the two chambers of the National Assembly in Abuja.
While leading the debate for the second reading, Julius Ihonvbere, the parliament’s majority leader, said the budget of renewed hope had been crafted to address insecurity.
Others include strengthening the growing economy and creating an enabling environment for education.
While contributing to the debate, Ahmed Jaha (APC-Borno) said effective oversight of MDAs by appropriate House committees would suffice. He added that timely releases of funds would enable the full implementation of the 2024 budget.
Usman Kumo (APC-Gombe) said the most interesting aspect of the president’s presentation was the priority given to security.
Sada Solid (APC-Katsina) said the president’s resolve to block leakages was vital, adding that there was a need to address problems in IPPIS to address personnel costs.
Bello Elrufa (APC-Kaduna) argued that the key to reducing Westernisation in government was the implementation of Steve Oronsanye’s report.
The debate will continue at the next plenary session on December 5.
On Wednesday, Mr Tinubu presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives.
The appropriation bill was christened ‘Budget of Renewed Hope’. While presenting details of the budget, Tinubu said the 2024 appropriation was designed to address economic growth, human capital development, poverty reduction and insecurity.
The president also said the 2024 budget will address issues in the education sector, such as establishing a sustainable model of funding tertiary education and implementing the Student Loan Scheme, which is scheduled to become operational by January 2024.
He explained that based on the parameters and fiscal assumptions, the recurrent expenditure would gulp N9.92 trillion, capital expenditure is N8.7 trillion, the deficit projected at N9.18 trillion, and debt servicing would gulp N8.25 trillion.
“Accordingly, an aggregate expenditure of N27.5 trillion is proposed for the federal government in 2024, of which the non-debt recurrent expenditure is N9.92 trillion while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion,” Mr Tinubu stated, pointing out that Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
The budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of GDP, lower than the N13.78 trillion deficit recorded in 2023, representing 6.11 per cent of GDP.