Reps begin debate on 2024 budget

The House of Representatives on Thursday began debate on the bill to authorise the issuance from the consolidated revenue fund of the federation of a total sum of N27.5 billion.

This followed the budget presentation by President Bola Tinubu at a joint sitting of the two chambers of the National Assembly in Abuja.

Rep. Julius Ihonvbere, the Majority Leader of the House, while leading the debate for second reading, said the budget of renewed hope had been crafted to address insecurity.

Others include strengthening the growing economy as well as creating an enabling environment for education, among others.

Ahmed Jaha (APC-Borno), while contributing to the debate, said that effective oversight of MDAs by appropriate House committees would suffice.

He added that timely releases of funds would enable the full implementation of the 2024 budget.

Rep. Usman Kumo (APC-Gombe) said the most interesting aspect of the president’s presentation was the priority given to security.

Rep. Sada Solid (APC-Katsina) said that the resolve of the President to block leakages was vital, adding that there was a need to address problems in IPPIS to address personnel costs.

Rep. Bello Elrufa (APC -Kaduna) argued that the key to reducing westernization in government was the implementation of Steve Oronsanye’s report.

It was reported that the debate is to continue at the next plenary session on Dec. 5.

It was reported that President Bola Tinubu on Wednesday presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives.

The appropriation bill was christened the “Budget of Renewed Hope.”

While presenting details of the budget, Tinubu said the 2024 appropriation was designed to address economic growth, human capital development, poverty reduction and insecurity.

The president also said the 2024 budget will address issues in the education sector such as establishment of a sustainable model of funding tertiary education and implementation of the Student Loan Scheme scheduled to become operational by January 2024.

He explained that based on the parameters and fiscal assumptions, the recurrent expenditure will gulp N9.92 trillion, capital expenditure is N8.7trn, deficit projected at N9.18trn and debt servicing will gulp N8.25 trillion.

“Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

“Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.