House To Pass Budget December 30, Committees Submit Reports Tuesday

Several Standing Committees of the House of Representatives are in a last minute rush as the Appropriation Committee demands that all budget defence reports be submitted by 8pm on Tuesday next week.

This came as the House has slated December 30, 2023 for the passage of the 2024 budget to keep with the January to December budget cycle.

Speaker Abbas Tajudeen disclosed these at the resumed plenary after the House adjourned sitting to enable the standing committees hold budget defence with ministries, departments and agencies.

Abbas said other budget related activities like compilation, processing and harmonisation would take place in between the period to the passage date.

He said, “Honourable colleagues just for your records and information from the Committee on Appropriation. It is an appeal to all committees that are unable to finish their budget defence and submit their reports. They have up to 8pm today to finish and submit their reports for defence at the Appropriation Committee Office.

“I also want to inform you that the official day for the passage of the budget would be slated for Saturday 30th December, 2023. In between these two dates, all other activities like harmonization, compilation, and processing of the bill will take place.

“So please take note, those of you who may want to go for Christmas try to take note that Saturday 30th December would be the day that we will officially pass the budget 2024.”

Consequently, committees yet to finish budget defence sessions were seeing meetings with heads of ministries and agencies under their supervision after which they might have hurriedly turn in their reports.

For instance, the committee on Insurance and Actuarial Matters, chaired by Hon Ahmadu Jaha, held budget defence with the Nigeria Deposit Insurance Corporation (NDIC) and National Insurance Commission (NAICOM).

During the session, the committee decried the low contribution of the sector to economic growth of the country and expressed commitment to addressing the problem to align the insurance sector with the Renewed Hope Economic Direction of President Bola Tinubu.

Jaha said the committee shall ensure an insurance sector that will create over 15,000.00 quality jobs and also ensure a minimum of 10 percent contribution to the Nigerian Gross Domestic Product.

The chief executive officer of NAICOM, Sunday Thomas, had in his presentation said between 2018 and December 2022, the market had moved from a premium of N426 billion to N733 billion.

He added that as at the third quarter of 2023, they had raised about N726 billion, saying the perception of Nigeria to insurance is a big challenge because of the low level of awareness and financial literacy.