In a significant development, the National Assembly has passed the harmonized 2024 Appropriation Bill, totaling N28.77tn, reflecting an increase of N1.2tn from the N27.5tn proposed by the Executive. The approval, achieved through plenary sessions in both the Senate and the House of Representatives, was presided over by Senate President Godswill Akpabio and Speaker of the House Tajaudeen Abbas.
Budget Breakdown and Adjustments
The revised budget details Aggregate Expenditure at N28,777,404,073,861, Statutory Transfers at N1,742,786,788,150, Recurrent Expenditure at N8,768.5330,852, Capital Expenditure at N9,995,143,298,028, with the Gross Domestic Product (GDP) growth rate fixed at 3.88%.
A breakdown of the approved budget allocates N1.743tn to statutory transfers, N8.271tn to debt service, N8.769tn to recurrent (non-debt) expenditure, and N9.995tn to capital expenditure. The fiscal deficit of N9.179tn for the year will be financed through asset sales/privatization, multilateral/bilateral project-tied loans, and debt financing.
Allocations and Projects
The approved budget includes notable allocations, with the National Judicial Council, Niger Delta Development Commission, and Universal Basic Education Commission receiving significant portions for statutory transfers. Additionally, specific allocations for the National Assembly cover various aspects, including car parks, recreation centers, and infrastructure upgrades.
Economic Realities and Rationale
Adeola Solomon, Chairman of the Appropriation Committee of the Senate, emphasized that the budget increase is a response to current economic realities. Factors such as the removal of fuel subsidy, efforts to unify exchange rates, and external consultations on oil benchmark and petroleum resources influenced the decision. The increase also addresses the gap between black market and official exchange rates.
Solomon highlighted the economic challenges faced by Nigerians, including the impact of fuel price hikes and exchange rate fluctuations. The budget adjustments aim to accommodate these challenges and ensure a comprehensive financial plan that aligns with the nation's needs.
Allocations Highlights:
- National Assembly: N78.624bn (House of Representatives), N49.145bn (Senate)
- National Assembly Service Commission: N12.33bn
- Legislative aides: N20.388bn
- National Institute for Legislative and Democratic Studies: N9.01bn
- Public Accounts Committees: N130bn (Senate), N150bn (House)
- Car parks, recreation centers, and infrastructure upgrades for the National Assembly: N10bn
- Various ministries, including Defence, Police Affairs, Education, and Health, received substantial allocations for recurrent expenditure.
The approved budget reflects a comprehensive response to economic challenges and aims to address critical national priorities.
