JUST IN : National Assembly Plans to increase budget by N2trn
The joint Senate and House of Representatives Committees on Appropriations are currently putting final touches to the compilation of the 2024 Appropriation bill in order to meet on Saturday, December 30, 2023 deadline for the passage of the budget for the 2024 fiscal year.
Sources close to the workings of the joint Committees informed our correspondent that members of the joint committees relocated out of the National Assembly complex last week, to one of the hotels around Central Business District (CBD) as part of strategies to ensure timely conclusion of the process, reports Nigerian Tribune.
Our correspondent further gathered the budget may be increased by at least five percent, hence the final Appropriation figure may be increased by about two trillion naira.
Basic Assumptions and Parameters for 2024 fiscal year showed that Oil Price benchmark of 77.96 US Dollars per barrel; Daily oil production estimate of 1.78 million barrels per day (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of 750 Naira per US Dollar; and Projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.
Breakdown of the amount allocated to various Institutions on First Line Charge showed that: National Judicial Council (NJC) was N165 billion, Niger Delta Development Commission (NDDC) gets N324,844,833,046; Universal Basic Education Commission (UBEC) gets N251,474,292,062; National Assembly gets N197,932,625,616; Public Complaint Commission gets N13.690 billion; Independent National Electoral Commission (INEC) gets N30 billion; National Human Rights Commission gets N5 billion; North East Development Commission (NEDC) gets N126,936,316,904; Basic Health Care Provision Fund gets N125,737,146,031 while National Agency for Science and Engineering Infrastructure (NASENI) gets N125,737,146,031, respectively.
As announced last week by the Speaker, Hon. Tajudeen Abbas, members of the House of Representatives are expected to reconvene on Saturday, 30th December, 2023 with a view to passing the 2024 Appropriation bill through Third Reading.
The harmonized report on the 2024 Appropriation bill will be laid by the joint Committees on Appropriations, Finance, Budget and National Planning, and other relevant Standing Committees.
Meanwhile, it was gathered that the reports of the budget estimates of various Ministries, Departments, and Agencies (MDAs) submitted by the Standing Committees were returned without adding any inputs.
They were however urged to make recommendations in separate documents for the consideration of the Appropriation Committee.
President Bola Ahmed Tinubu had during the presentation of the budget proposal before the joint session of the National Assembly urged the lawmakers to fast-track the legislative process for the passage of the Appropriation bill and meet the already established January-December budget cycle.
The sum of N3.25 trillion representing 12 percent was proposed for Defence and Security sector (Military, Police, Intelligence & Paramilitary (Recurrent & Capital expenditure), while the sum of N2.18 trillion representing 7.9 percent was proposed for education sectors in the 2024 fiscal year.
Among the critical allocations in 2024 budget, N700 billion Transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in Tertiary institutions.
Amount provisioned for Universal Basic Education Commission (UBEC) was N251.47 billion, Federal Ministry of Education and its agencies (Recurrent & Capital expenditure) was N1.23 trillion, Health Sector gets N1.33 trillion i.e. 5% of federal budget Amount provisioned for Federal Ministry of Health and its agencies (Recurrent & Capital expenditure) while N137.21 billion was for Gavi/ Immunization funds, including Counterpart Funding for Donor Supported Programmes while the sum of N125.74 billion Transfer was proposed for Basic Healthcare Provision Fund (BHCPF) 1% of Consolidated Revenue Fund (CRF).
The sum of N1.32 trillion or 5% of the total budget proposal was proposed for Infrastructure – provisions for Works & Housing, Power, Transport, Water Resources, Aviation. Social Development & Poverty Reduction Programmes (N534 billion) – (2% of Budget) amount provisioned for Social Investments / Poverty Reduction Programmes.
Recall that the House had before embarking on Christmas recess, passed the bill seeking for the extension of the capital component of the 2023 Appropriation Act to 31st March 2024.
In the same vein, the House also amended the Supplementary Appropriation Act by extending its implementation to 31st March, 2024.
The bill seeks to amend the Supplementary Appropriation Act, 2022 (Amendment) Bill, 2023.
