President Bola Tinubu is poised to present the 2024 Appropriations Bill to the National Assembly in a historic move on Wednesday.
The Secretary of the Research and Information Department of the National Assembly, Ali Barde, confirmed this significant development to reporters on Monday.
The Appropriations Bill encapsulates the budget proposals for the upcoming fiscal year, marking President Tinubu’s maiden full-year budget presentation since assuming office in May.
Maintaining the January to December budget cycle, initiated by former President Muhammadu Buhari, President Tinubu’s presentation reinforces a commitment to timely fiscal planning and execution.
The letter conveying the President’s intent to present the budget was delivered to the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Abbas Tajudeen, on Monday.
This letter will be officially read at both chambers during the plenary session.
The National Assembly’s proactive engagement with fiscal matters was evident earlier in the month when lawmakers passed a supplementary budget of N2.17 trillion, as requested by President Tinubu.
The supplementary budget, signed into law on November 8, served as a precursor to the forthcoming detailed budget proposal.
Last Wednesday, the National Assembly took another significant step by passing the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).
With a total spending projection of N26 trillion for the 2024 fiscal year and a borrowing plan of N7.8 trillion, the upper chamber approved the expenditure framework. Chairman of the Senate Committee on Finance, Sani Musa, presented the report during the plenary session.
Meanwhile, the Federal Executive Council (FEC) endorsed the 2024 appropriation bill during its Monday meeting, approving a total of N27.5 trillion.
This marked an increase of N1.5 trillion from the earlier estimated bill proposed in the MTEF-FSP.
Minister of Budget and National Planning, Atiku Bagudu, clarified that the adjustments were legitimate, citing factors such as evolving priorities and presentations from various ministries, departments, and agencies (MDAs).
The 2024 budget proposal represents a substantial increment, exceeding the 2023 appropriation by approximately N7 trillion.
Former President Muhammadu Buhari had presented a budget of N20.51 trillion for the preceding year.
President Tinubu’s unveiling of the 2024 budget will provide insights into the fiscal priorities and strategies aimed at steering Nigeria’s economic trajectory in the coming year.
Source: Premium Times