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N27.5trn 2024 budget passes second reading in Reps

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The House of Representatives on Friday has passed the proposed N27.503 trillion Appropriation Bill for its second reading during the plenary session on Friday.

The passage of the bill features aligns with the National Assembly’s commitment to ensuring the timely approval of the budget, racing against time to meet the January-December Budget Cycle, a practice adopted since the 9th Assembly.

President Bola Ahmed Tinubu, during the budget presentation to the joint sitting of the National Assembly, urged lawmakers to pass the budget within 30 days, emphasizing the importance of swift legislative action.

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The Nigerian government’s proposed bill seeks authorization for the release of N27.503 trillion from the Consolidated Revenue Fund of the Federation, distributed across four main categories:

1. Statutory Transfers: N1.376 trillion was allocated for statutory transfers, representing funds automatically appropriated by law to specific government bodies or agencies.

2. Debt Service: N8.490 trillion was earmarked for debt service, encompassing payments made by the government to fulfill its debt obligations.

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3. Recurrent (Non-Debt) Expenditure: N9.918 trillion was allocated for recurrent (non-debt) expenditure, covering day-to-day operational expenses unrelated to servicing debt obligations.

4. Contribution to the Development Fund for Capital Expenditure: N7.717 trillion was dedicated to contributing to the development fund for capital expenditure, reserved for investments in infrastructure and long-term beneficial capital projects.

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The Speaker, Abbas Tajuddeen, facilitated the passage of the proposed bill for its second reading, met with overwhelming support from the House members.

The bill has been referred to the Committee on Appropriations for further legislative action, signifying progress in the budgetary approval process.

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