In a special session held on Saturday, December 30, the House of Representatives made significant adjustments to the 2024 budget proposed by President Bola Tinubu, increasing it by approximately N1.2 trillion.
The budget estimate, initially set at N27.5 trillion by the president, was raised to about N28.77 trillion during the deliberations.
The report detailing these changes was presented before the House during the plenary session by the Chairman of the House Committee on Appropriation, Hon. Abubakar Kabir Bichi. The revised budget allocates N8,768,513,380,852 for Recurrent (Non-Debt) Expenditure and N9,995,143,298,028 for capital projects.
In the original budget submitted by President Tinubu, the capital budget was set at N8.7 trillion. However, the House increased this figure to N9.995 trillion, demonstrating a commitment to enhancing funding for developmental projects. On the other hand, the recurrent budget was reduced from N9.92 trillion to N8.76 trillion.
Key allocations in the revised budget include N8,270 trillion for debt servicing and N1,742 trillion for statutory transfers.
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Before the budget’s passage, the Speaker of the House emphasized a commitment to citizen engagement in the legislative process. He revealed plans to take future budgets to the people at the constituency levels, allowing citizens to contribute their insights and perspectives.
The Speaker stated, “As representatives of the people, it is essential that we involve citizens in our key processes and decision-making. It is in line with this that the House organised a citizens’ town hall on the 2024 Appropriation Bill, where the public was given the opportunity to express views on how the budget can better address the specific needs of all Nigerians, especially those at the grassroots.”
He further added, “The House remains committed to engaging citizens in its activities and ensuring the lawmaking process is open and inclusive. In the coming years, the budget will be taken to the people at the constituency levels to allow them also to make inputs.” The passage of the revised budget marks a significant step in aligning the nation’s fiscal plans with the diverse needs and aspirations of its citizens.
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