The National Assembly, NASS, yesterday, passed the N28,777,404,073,861 2024 Appropriation Bill as the aggregate expenditure for the 2024 fiscal year, Vanguard reports.
The fiscal plan increased by N1.2 trillion from the initial N27.5 trillion to N28,777 trillion.
There was also an increase in the exchange rate from N750 to N800 per dollar while the 1.78mbpd daily oil production, US$77.96 oil benchmark price and GDP growth rate of 3.88 percent were approved as proposed by the executive arm of government.
President Bola Tinubu had presented before the NASS a total aggregate expenditure of N27.5 trillion to a joint session of the Senate and House of Representatives.
The President had announced his administration’s resolve to adopt the “Revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP)” as the parameters for the 2024 budget, just as he also announced the administration’s plan to grow the economy by a minimum of 3.76 percent, above the forecasted world average.
While presenting the proposed expenditure before the lawmakers, he promised that the nation’s internal security architecture would be overhauled to enhance law enforcement capabilities.
The passage of the Appropriation Bill was sequel to the consideration and approval of the report of the Senator Olamilekan Adeola-led Senate Committee on Appropriations and the House Committee on Appropriations presented by its Chairman, Abubakar Bichi.
After the clause-by-clause consideration of the report, it was then read the third time and passed.
Breakdown
The breakdown of the N28.777 trillion budget showed that the sum of N1.743 trillion was earmarked for Statutory Transfers, N8.271 trillion, Debt Service, N8.769 trillion, Recurrent (Non-Debt) Expenditure while N9.995 trillion was proposed for Capital Expenditure for the year ending 31st December, 2024.
The N9.179 trillion fiscal deficit is to be financed through Asset sales/privatisation – N298,486,421,740; Multilateral/Bilateral Project -Tied Loans,N1,051,914,486,314 and Debt Financing, N7,828,529,477,860.
For the total Debt Service of N8.271 trillion approved for the year 2024, the sum of N5.300 trillion is to be incurred through Domestic Debts including Ways and Means, N2.748 trillion through Foreign Debts while the Sinking Fund for the retirement of maturing Promissory Notes stands at N223.662 billion.
Under the Statutory Transfer, National Judicial Council (NJC) got the highest allocation of N341.626 billion, followed by Niger Delta Development Commission (NDDC), N338.925 billion, Universal Basic Education Commission (UBEC) got N263.044 billion, North East Development Commission (NEDC),N131.836 billion, Basic Healthcare Provision Fund (BHPF), N131.522 billion, National Agency for Science and Engineering Infrastructure (NASENI), N131.522 billion, Public Complaint Commission (PPC), N14.460 billion, and N5 billion for National Human Rights Commission (NHRC), respectively.
A breakdown of the NASS budget showed that the sums of N78.624 billion is for House of Representatives; N49.145 billion is for Senate, N36.727 billion for National Assembly Office,N30.807 billion for General Services, N20.388 billion for Legislative Aides, N15.189 billion for Service Wide Vote, N15 billion for National Assembly Hospital Project, N12.326 for National Assembly Service Commission (NASC), N12.123 billion for National Assembly Library Complex (Take-off Grant), N10 billion for ongoing construction of NASC headquarters, N9.008 billion for National Institute for Legislative and Democratic Studies (NILDS), N4.500 billion for completion of ongoing NILDS building; N4 billion for National Assembly Recreation Centre; N4 billion for Design, construction, furnishing and equipping of NASS Budget & Research Office (NABRO); N3 billion for procurement of books for NASS Library, N3 billion Senate Car Park, N3 billion for House of Representatives Car Park, N3 billion for upgrade of NASS key infrastructure, N3 billion for Design, construction, furnishing and equipping of NASS ultramodern printing press, N2.700 billion for furnishing of Committee meeting rooms & others offices within Senate building, N3 billion for furnishing of Committee meeting rooms for House of Representatives Part I & II), N2.500 billion for NASS Pension Board (Take-off Grant), N1.230 billion for Office of Retired Clerks & Permanent Secretaries, N1 billion for Constitution Review, N130 million for Public Accounts Committee (Senate), N150 million for Public Accounts Committee (House), N200 million for Senate Appropriation Committee and N200 million for House of Representatives’ Appropriation Committee, respectively.
Defence, Agric
From the total sum of N50.451 trillion approved for Recurrent (Non-Debt) Expenditure, Ministry of Defence got the highest allocation of N1.308 trillion, followed by Ministry of Police Affairs, N869.121 billion, Ministry of Education, N857.134 billion, Ministry of Health & Social Welfare, N667.577 billion, Ministry of Interior, N362.552 billion, Ministry of Youth, N201.467 billion, National Security Adviser (NSA),N199.763 billion, Ministry of Foreign Affairs , N140.456 billion, Ministry of Agriculture & Food Security, N110.248 billion, Secretary to the Government of the Federation (SGF), N100.248 billion and Presidency, N97.913 billion.
Speaking with newsmen after the passage, the Chairman, Senate Committee on Appropriations, Senator Olamilekan Adeola, said President Tinubu would sign the 2024 Appropriation Bill into law today, adding that the bill can be signed anywhere.
On whether the President will be able to go through the document considering the time frame, Adeola said that there is synergy between the Ministries, Departments and Agencies ( MDAs).
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