The Senate has passed the 2024 Appropriation Bill of N28.7 trillion, increasing it by approximately N1.2 trillion from the initial N27.5 trillion proposed by President Bola Tinubu.
The passage occurred following the approval of the report from the Senate Committee on Appropriation during the Saturday plenary session.
In presenting the report, the committee chairman, Sen. Solomon Adeola, said that they adopted the Medium-Term Expenditure Framework and Fiscal Paper (MTEF/FSP) approved by the National Assembly in drafting the budget.
He specified that the committee adopted a $77.96 per barrel oil benchmark, 1.78 million barrels per day, and an exchange rate of N800 to the dollar, deviating from the proposed 750 dollars by the executive.
The bill’s highlights include total aggregate expenditure of N28.7 trillion, statutory transfers of N1.7 trillion, recurrent expenditure of N8.7 trillion, and a capital expenditure component of N9.9 trillion.
Adeola noted the collaborative effort between the committee and the executive during the appropriation process, noting the executive’s requests for additional funding for some previously unaddressed expenditures.
However, he pointed out that the 2024 Appropriation Bill was presented to the National Assembly late, which contradicts the Fiscal Responsibility Act that necessitates its submission at least three months before the next financial year.
Adeola highlighted discrepancies in the revenues of certain Government-Owned Enterprises (GOEs) and the exclusion of some agencies’ personnel costs from the Federal Government payroll. He also highlighted insufficient funding in certain allocations for government Ministries, Departments, and Agencies (MDAs).
To ensure a comprehensive review of the budget proposal, Adeola urged the executive to comply with the provisions of the Fiscal Responsibility Act and relevant extant laws concerning government agencies. He urged removed agencies to enhance revenue generation, fund themselves, and contribute more to the Consolidated Revenue Fund (CRF).
Additionally, he advocated for increased funding for some underfunded MDAs and suggested that the executive sustain the elevation of the capital component over the recurrent to foster developmental programs nationwide.
(NAN)
