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NASS passes Nigeria’s 2024 Budget, raises estimates to ₦28.7trn

President Bola Ahmed Tinubu Presenting the 2024 Budget Estimates, as Senate President Godswill Akpabio and Rt. Hon. (Dr.) Tajudeen Abbas, Speaker of the House of Representatives, Watched on in NASS Recently File Photo

*The National Assembly, in Abuja, passes the 2024 Federal Government’s Appropriation Act, increasing the sum to ₦28.7 trillion from the initial ₦27.5 trillion, which President Bola Ahmed Tinubu earlier presented to the Federal Legislature, stating his administration will ensure micro-economic stability, poverty reduction and greater access to social security among others

Isola Moses | ConsumerConnect

The National Assembly, in Abuja, FCT, Saturday, December 30, 2023, passed the 2024 Federal Government’s Appropriation Act, increasing the sum to ₦28.7 trillion from the initial ₦27.5 trillion presented by President Bola Ahmed Tinubu November 29 this year.

ConsumerConnect reports both the Senate (Red Chamber) and the House of Representatives (Green Chamber) passed the harmonised national budget for next year, as prepared by the NASS during their respective sittings.

The lawmakers in the Senate and the House of Representatives passed the bill after jacking up the budget size by N1.2 trillion.

In the bill the Federal legislators passed, the sum of 1,742,786,788,150 was earmarked for statutory transfers, 8,270,960,606,831 for debt servicing, 8,768, 513, 380, 852 for recurrent expenditure while 9,995,143,143,298,028 was for capital expenditure.

The Senate said that in order to accommodate further requests from the Executive for additional funding, the Committee on Appropriation had made some adjustments to the bill before passage Saturday.

Some of the adjustments made include Foreign Exchange (Forex) differential, increase of Government-Owned Enterprises’ (GOEs’) revenue, GOE’s personnel reduction, Service Wide vote (wage adjustment)  and reduction from Service Wide.

Earlier, President Bola Ahmed Tinubu, in his first budget presentation to the joint session of Federal lawmakers November 29 this year, had presented the 2024 Budget estimates of N27.5trillion to a joint session of the National Assembly

Tagged the “Budget of Renewed Hope”, the Tinubu told Nigerians, that with the 2024 Budget, his administration would ensure micro-economic stability, poverty reduction, greater access to social security, among others.

The Nigerian leader also highlighted priority areas, including security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction and social security.

Tinubu further disclosed the proposed budget prioritises human capital development with particular attention devoted to children as human capital development remains the most critical resource for national development.

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