The National Assembly, on Saturday, passed the harmonised 2024 Appropriation Bill totalling N28.77tn, and increased the budget size by N1.2tn, from the N27.5tn proposed by the Executive.

The budget was passed by both the Senate and House of Representatives at their respective plenary presided over by the President of the Senate, Godswill Akpabio, and Speaker of the House, Tajaudeen Abbas.

President Bola Tinubu had on Wednesday, November 29, 2023, presented a total of N27.5tn to a joint session of the National Assembly.

The two chambers at the Committee of Supply considered the Appropriation Bill presented by the Chairman, Appropriation Committee of the Senate, Adeola Solomon, and his colleague in the House, Abubakar Bichi.

The Senate pegged the aggregate expenditure at N28,777,404.073.861; statutory transfers, N1,742,786,788,150; recurrent expenditure, N8,768.5330,852; capital expenditure, N9,995,143,298,028; and fixed the Gross Domestic Product growth rate at 3.88 per cent.

A breakdown of the approved budget shows that the sum of N1.743tn is for statutory transfers; N8.271tn for debt service; N8.769tn for recurrent (non-debt) expenditure, while N9.995tn is for capital expenditure.

The N9.179tn fiscal deficit for the year is to be financed through asset sales/privatisation with N298,486,421,740 from this; multilateral/bilateral project-tied loans, N1,051,914,486,314; and debt financing, N7,828,529,477,860.

Under the N8.271tn approved for debt service in the year 2024, the sum of N5.3tn is to be incurred through domestic debts, including Ways and Means; N2.748tn through foreign debts, while the Sinking Fund for the retirement of maturing promissory notes stands at N223.662bn.

For the statutory transfers, the National Judicial Council got the highest allocation of N341.626bn; followed by Niger Delta Development Commission with N338.925bn; Universal Basic Education Commission, N263.044bn; North East Development Commission, N131.836bn; Basic Healthcare Provision Fund, N131.522bn; National Agency for Science and Engineering Infrastructure, N131.522bn; Public Complaint Commission, N14.46bn; and N5bn for the National Human Rights Commission.

For the National Assembly, the sum of N78.624bn was approved for House of Representatives; N49.145bn for the Senate; N36.727bn for the National Assembly Office; N30.807bn for general services; N20.388bn for legislative aides; N15.189bn for Service Wide Vote; N15bn for the National Assembly Hospital project; N12.326 for the National Assembly Service Commission; N12.123bn for the National Assembly Library Complex (take-off grant); N10bn for the ongoing construction of NASC headquarters; and N9.008bn for the National Institute for Legislative and Democratic Studies.

Others are N4.5bn for the completion of ongoing NILDS building; N4bn for the National Assembly Recreation Centre; N4bn for the design, construction, furnishing and equipping of the National Assembly’s Budget and Research Office; N3bn for procurement of books for the National Assembly Library; N3bn Senate car park; N3bn for the House of Representatives car park; N3bn for the upgrade of key infrastructure in the National Assembly; and N3bn for the design, construction, furnishing and equipping of the assembly’s ultramodern printing press; N2.7bn for furnishing of committee meeting rooms and others offices within Senate building.

The National Assembly’s approved allocations included N3bn for furnishing of committee meeting rooms for the House of Representatives; N2.5bn for the National Assembly Pension Board (take-off grant); N1.230bn for the office of retired clerks & permanent secretaries; N1bn for constitution review; N130m for Public Accounts Committee (Senate); N150m for Public Accounts Committee (House); N200m for Senate Appropriations Committee; and N200m for the House of Representatives Appropriation Committee.

From the total sum of N50.451tn approved for recurrent (non-debt) expenditure, the Ministry of Defence got the highest allocation of N1.3tn; followed by the Ministry of Police Affairs with N869.121bn; Ministry of Education, N857.134bn; Ministry of Health and Social Welfare, N667.577bn; Ministry of Interior, N362.552bn; Ministry of Youths, N201.467bn; Office of the National Security Adviser, N199.763bn; Ministry of Foreign Affairs, N140.456bn; Ministry of Agriculture and Food Security, N110.248bn; Office of the Secretary to the Government of the Federation, N100.248bn; and the Presidency, N97.913bn.

At a briefing after the passage, Adeola, said the budget was increased based on current economic realities.

He said, “The government has just removed fuel subsidy; the government is also intensifying efforts to unify the exchange rates that we usually have and that comes with a lot of price and Nigerians are paying dearly for it in terms of price of fuel and the dollar rate.

“When we got the budget document, the President implored us to interrogate and investigate it and make sure that we come up with a document that is all-encompassing and can suit the needs and yearning of Nigerians.

“To start with, the increase in budget has to do with the issue of the exchange rate differences.

“The current rate of the dollar at the black market is between N1,200 and N1,300 and in the Central Bank of Nigeria, it is between N950 and N1,000, and we have a budget, which was pegged at N750; if you look at the gap, you’d realise that it has covered a lot of gaps already.”

He added, “Again, we did some external consultations, most especially in the area of oil benchmark and petroleum resources; if we had gone in that line, we’d have pegged it at N850/N900 to a dollar and we agreed that we wanted to be conservative in our approach, so that nobody will think that we want to increase the budget for any ulterior motive, that was why we left it at N490bn out of which N44bn is for statutory transfers; so effectively, the increment is about N446bn that is going into the Federal Government’s pocket as consolidated revenue.

“So, you can see that what necessitated our action is the economic reality and what is obtainable in both the black and open markets.”

Source: https://punchng.com/NAssembly-raises-budget-to-N28.77tn-votes-N10bn-for-car-parks-recreation-centre

Streetdoctor:
What did I just read right now? 3bn for senate car park, 3bn for house of rep car park,
D irony of it is that Executive brought 27plus trillion naira d legislature raised it to 28tr. D very first time of hearing nonsense from dis kantri
I keep saying it that Tinubu only came to do d final burial. It shall never be well wit those useless ronu dem. If I call most of them beggers now, dem go say I dey insult dem

When they were electing a kleptomaniac, we knew this will happen.

Hmmm

Nigerian politicians are disconnected from the reality and they continue to insulate and shield themselves everyday. I just hope they won't all be eventually consumed one day when citizens decide to surprise them.

Everyone in politics is out to fleece the nation

1.7 trillion for conditional cash transfer??This is the biggest scam and waste of the century walahi.If you want to lift Nigerians out of poverty why not use that trillions to subsidize petrol??

Normally, NASS are the real problem of this country, but because the constitution gives them power enough to make laws. They become untouchable.


Imagine NASS padding budgets of a president who was elected to fight corruption.

Now, the padding is normalised and they decide to add anything to the budget and they will share the proceeds later.


While other institutions in the country are deteriorating, as far as the NASS is well fed, then the people can go to hell.

hmmm

adenigga:


Source: https://punchng.com/NAssembly-raises-budget-to-N28.77tn-votes-N10bn-for-car-parks-recreation-centre

Hmmm.... This isn't news. Let's Just continue to pray thunder and brimstone for them (as citizens) rather than wake up and occupy the streets where these thieves pass through 😡

Make them flex

And they are telling Nigerians and workers to be patient and pray for the country.

The Ordinary Nigerian is passing through the hard times after the removal of petrol subsidy and the floating of naira. Look at the amount of money that is to be spent on frivolities under this government, it is shocking and it’s not something that any Nigerian should be proud of irrespective of the party you support. The level of economic hardship among Nigerians has worsened drastically since May 29. Inflation has sent the price of basic commodities out of reach of many ordinary Nigerians, thereby deepening the poverty yet we fight one another for these rogues. All we hear is we will do this and that, the government has continued to insist that the hardship faced by Nigerians is necessary for the country to achieve economic prosperity shortly which we know will not happen with this mentality and spending on stupid things when these moneys should be used for something of more importance.

Billions on car park. God have mercy.
How many trucks of cement and roofing cost billions?

May God will cast terrible illness on these wicked people.
I will never pity a Nigerian politician.
They are heartless.....

You wey de support them. Shishi you won't get. Keep being tribalistic. Everybody go suffer am.

Abeg leave Nigeria if you can. Being abroad and hearing these stupid things relieves you, staying in Nigeria and hearing these things will just give you pepper body.

adenigga:


Source: https://punchng.com/NAssembly-raises-budget-to-N28.77tn-votes-N10bn-for-car-parks-recreation-centre

nairalanda1, you see what subsidy is causing?

j

There was once a country.Is there a budget for Agbado.Just asking for a friend.

Hmm

We aren't see anything yet from these POLTHEIFCIANS.
Help me pray for my successful JAPA to Canada.

It's getting worse day by day

Rubbish.

The bonds that would be taken to finance them will be redeemable by 2040. By then, those spearheading the loan borrowing today will be out of the corridors of power.

It is you and your children's sweat that will repay them. Speak now or slave later.

Debt servicing and not debt-repayment?

Hi

Just imagine #10billion for Car park as if they have been parking their vehicles under Nyaya bridge.

The greatest scam in this country is having APC in the helm of affairs.

What did I just read right now? 3bn for senate car park, 3bn for house of rep car park,
D irony of it is that Executive brought 27plus trillion naira d legislature raised it to 28tr. D very first time of hearing nonsense from dis kantri
I keep saying it that Tinubu only came to do d final burial. It shall never be well wit those useless ronu dem. If I call most of them beggers now, dem go say I dey insult dem

adenigga:


Source: https://punchng.com/NAssembly-raises-budget-to-N28.77tn-votes-N10bn-for-car-parks-recreation-centre

How we they fund all these frivolous budgets. They will serve themselves first. A Budget padded with lots of unexplained projects. APC is meant to destroy Nigeria and sinking people further and further into abject poverty. N10bn for car parks, Oluomo territory abi. One day we will wake

All we have I'm this country are thieves and useless people as politicians, so selfish and clueless men.

Looting time

👀👀👀Insatiable bunch of self serving THIEVES!💯
These lots are only around to STEAL, KILL AND DESTROY 🚩
Awon eleribu, mashanfani eda, ole, jegudu jera gbogbo
# the shyyythole from fry pan to FIRE 🔥🔥


But when the people are ready, THE NEEDFUL WILL BE DONE ✅

Karlovych:
This is clearly fake news from Ipob, don't forget to check my signature for free stuffs such a directions to the nearest car parks and recreation centers in your community.

Holy Bleep, u are damn good in comedy bro