Senate, Reps Pass N27.5trn Budget For Second Reading

The Senate yesterday passed for second reading, the N27.5 trillion 2024 Appropriation Bill presented by President Bola Ahmed Tinubu on November 29, 2023.

The bill is now with the appropriation committee and will undergo public hearing for two weeks before likely approval of the National Assembly on 19 December, 2023.

This followed debates by lawmakers on the general principles of the appropriation bill.

The lawmakers, at the resumed debate called for increased funding for road infrastructure, education, power, agriculture, among other sectors in the country.

They also called for a reduction in borrowing and improved budgetary provision for security and sustained peace in the Niger- Delta for improved crude oil production.

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On Wednesday, President Bola Tinubu presented a record N27.5 trillion as the proposed budget for 2024, before a joint session of the senate and house of representatives and asked the lawmakers to expedite the consideration of the budget and ensure that the appropriation bill is passed before January.

The House of Representatives also yesterday passed through second reading, the N27.5 trillion 2024 budget (Appropriation Bill).

The passage followed the end of a-two day extensive debate on the general principles of the executive bill laid before the House by President Bola Tinubu on Wednesday.

Out of the total sum N27.5 trillion, N1.3 trillion is for statutory transfers, N8.4 trillion is for debt service; N9.9 trillion is for recurrent (non-debt) expenditure while N7.7 trillion is for capital expenditure.

Titled; “Bill for an Act to Authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N27,503,404,073,861… for the year ending on 31 December 2024,” the proposed legislation was referred to the appropriations committee with all standing committees as sub panels for further legislative action.

During debate, lawmakers pinpointed the merits and demerits of the proposed financial law, commending and suggesting areas of improvement during consideration by the parliament.

In her submission, Hon. Kafilat Ogara from Lagos expressed satisfaction with budget’s emphasis on security, education, human capital development, public, private partnership, revenue automation and transparency and accountability.