As the National Assembly rounded off its consideration of the Appropriation Bill yesterday, estimates for the 2024 National Budget went up by N1.2 trillion.
The two chambers at a special session, passed the budget at N28.78 trillion as against the N27.50 trillion presented to it by President Bola Tinubu on November 29.
The lawmakers also increased the exchange rate from N750 to N800 per dollar but the 1.78mbpd daily oil production, US$77.96 oil benchmark price, and GDP growth rate of 3.88% were approved as proposed by the President.
Sequel to the adjustments to the budget proposals, N1.74 trillion is for Statutory Transfer; N8.77 trillion is for Recurrent Expenditure; N9.99 trillion is for Capital Expenditure; and N8.27 trillion is for Debt Service.
The capital budget increased from the N8. 7 trillion proposed by the President to N9. 995 trillion, while the recurrent budget was reduced from N9. 92 trillion to N8. 76 trillion.
The National Assembly adopted the harmonized report of its joint Committees on Appropriations presented to the Senate by Solomon Adeola (APC, Ogun West) and in the HoR by Abubakar Kabir Bichi.
Speaking before the budget was passed, House of Representatives Speaker, Tajudeen Abass, said future budgets would be taken to the people at the constituency level to allow them also to make inputs.
He said “As representatives of the people, we must involve citizens in our key processes and decision-making.
“It was in line with this that the House organised a citizens’ town hall on the 2024 Appropriation Bill, where the public was allowed to express views on how the budget can better address the specific needs of all Nigerians, especially those at the grassroots.
“The House remains committed to engaging citizens in its activities and ensuring the lawmaking process is open and inclusive. In the coming years, the budget will be taken to the people at the constituency levels to allow them also to make inputs.”
Speaking with newsmen after the budget passage, Chairman of the House Committee on Appropriation Bichi, said the increase was occasioned by prevailing circumstances in the country as well as the current exchange rate.
