Indications emerged on Friday that the National Assembly is poised to pass the 2024 Appropriation Bill of N27.5tn on Tuesday, December 19. The Senate and the House of Representatives had previously passed the ‘Renewed Hope’ budget for the second reading.
The Deputy Senate President, Jibrin Barau, hinted during the plenary that the budget might be passed by lawmakers on December 19 before embarking on their Christmas and New Year break.
Despite applause for President Bola Tinubu’s good intentions, some senators lamented the executive’s failure to provide detailed budget information. The budget was subsequently passed for the second reading and referred to the Committee on Appropriations.
President Tinubu presented the budget, named ‘Budget of Renewed Hope,’ with a deficit pegged at N9.18tn for the 2024 fiscal year. The deficit represents 3.88 per cent of the country’s GDP, lower than the 2023 deficit. Tinubu outlined that the deficit would be financed by new borrowings, privatisation proceeds, and drawdown on loans.
While emphasizing fiscal discipline, the administration aims to limit the inflation rate to 21.4 per cent, with ongoing reviews of tax and fiscal policies. To fund the budget, fresh loans will be collected, and public-private partnerships will be explored for critical infrastructure financing.
During the debate, senators raised concerns about unemployment, insecurity, and the rising trend in debt servicing. The Chief Whip, Ali Ndume, defended borrowing, stating that it would be worthwhile when Nigerians witness the developments resulting from the loans.
Concerns were also voiced regarding the budget’s insufficient allocation to the power sector, the small percentage earmarked for education, and the enveloping system of budgeting being labeled as a cesspool of corruption.
The House of Representatives similarly passed the N27.5tn budget for the second reading, with members calling for an upward review of allocations to education and health. Opposition lawmakers used the debate as an opportunity to address issues in their communities and emphasize the need for adequate budgetary allocations.
Despite concerns over the lack of budget details during the debate, the National Assembly adopted the votes and proceedings and adjourned the plenary until December 23. Committees will meet with various Ministries, Departments, and Agencies for budget defense, with the Senate reconvening on December 12 and aiming to pass the budget on December 19.
In a separate development, the Chairman of the House Committee on Judiciary, Oluwole Oke, emphasized that the 10th House is taking the budget defense seriously, holding accounting officers of MDAs responsible for defending their budgets according to statutory provisions.
