Speaker of the House of Representatives,Tajudeen Abbas, has declared that the new budget signed by President Bola Tinubu into law has put an end to controversial borrowing practices that have plagued past administrations.
The Speaker was referring to the recent securitization of ways and means borrowing, which transitions the government away from ad-hoc financing methods criticised for lacking transparency and accountability.
Abbas praised the move, saying it has effectively brought to an end these controversial means and ways of borrowing money.
The Speaker explained that President Tinubu also signed a 90-day extension of the 2023 supplementary appropriations bill, allowing it to operate concurrently with the new 2024 budget until March 31st.
The 2023 main budget was likewise extended, with its capital component also running parallel to the 2024 spending plan.
He said, “Mr. President has signed two other bills. The first one is the supplementary appropriation bill of 2023, which he has accepted to extend it by 90 days.
“So, it will continue to work concurrently with the 2024 budget up to March 31.
“He has also approved the 2023 main budget for it to also concurrently operate with the capital component of the 2024 budget up to March 31, 2024.
“Another landmark achievement we had was also approving the securitisation of the ways and means which has effectively brought to an end these controversial means and ways of borrowing money.
“And he has assured Nigerians that this will be the last of this kind of ugly incident.
“With more sustainable finances now in place, the Speaker expressed optimism about the 2024 budget.”
Abbas predicted the new budget will lay the foundation for renewing the country and fulfilling promises made to citizens.
“Mr. President in his address, mentioned on a lighter note, that the promise of delivering the dividends of democracy based on the 2024 budget is not a beer parlour promise, that it will be delivered this is a budget that will lay the foundation of the renewed.
“So, I believe this is the budget that the Nigerian people are waiting for. This is the budget the Nigerian people are yearning for.
“And we’ll make sure that together, we’ll be able to deliver it well. And I would also want to take you a little back for you to know the progress is made,” he added.
