The National Assembly on Saturday approved the sum of N28.777 trillion in expenditure for the 2024 fiscal year, increasing the budget by N1.2 trillion.
The approved sum is N1.2 trillion higher than the N27.504 trillion presented by President Bola Ahmed Tinubu during the joint session of the National Assembly on the 29th November, 2023.
Meanwhile, the House resolved to hold an executive session which lasted for 50 minutes.
On resumption back to plenary, Chairman, House Committee on Appropriations, Hon. Abubakar Bichi who led the debate on the 2024 Appropriation bill, solicited for members’ support to pass the budget through Third Reading.
The bill was subsequently considered at the Committee on Supply chaired by Speaker Tajudeen Abbas.
Breakdown of the N28.777 trillion approved budget showed that the sum of N1.743 trillion is for Statutory Transfers; N8.271 trillion is for Debt Service; N8.769 trillion is for Recurrent (Non-Debt) Expenditure while N9.995 trillion is for Capital Expenditure for the year ending 31st December, 2024.
The N9.179 trillion fiscal deficit for the year under review, is to be financed through Asset sales/privatisation – N298,486,421,740; Multilateral/Bilateral Project -Tied Loans – N1,051,914,486,314 and Debt Financing – N7,828,529,477,860.
For the total Debt Service of N8.271 trillion approved for the year 2024, the sum of N5.300 trillion is to be incurred through Domestic Debts – including Ways and Means; N2.748 trillion through Foreign Debts while the Sinking Fund for the retirement of maturing Promissory Notes stands at N223.662 billion.
Under the Statutory Transfer, National Judicial Council (NJC) got the highest allocation of N341.626 billion; followed by Niger Delta Development Commission (NDDC) with N338.925 billion; Universal Basic Education Commission (UBEC) gets N263.044 billion; North East Development Commission (NEDC) – N131.836 billion; Basic Healthcare Provision Fund (BHPF) – N131.522 billion; National Agency for Science and Engineering Infrastructure (NASENI) – N131.522 billion; Public Complaint Commission (PPC) – N14.460 billion; and N5 billion for National Human Rights Commission (NHRC), respectively.
Breakdown of the National Assembly budget showed that the sums of N78.624 billion is for House of Representatives; N49.145 billion is for Senate; N36.727 billion for National Assembly Office; N30.807 billion for General Services; N20.388 billion for Legislative Aides; N15.189 billion for Service Wide Vote; N15 billion for National Assembly Hospital Project; N12.326 for National Assembly Service Commission (NASC); N12.123 billion for National Assembly Library Complex (Take-off Grant); N10 billion for ongoing construction of NASC headquarters; N9.008 billion for National Institute for Legislative and Democratic Studies (NILDS); N4.500 billion for completion of ongoing NILDS building; N4 billion for National Assembly Recreation Centre; N4 billion for Design, construction, furnishing and equipping of NASS Budget & Research Office (NABRO); N3 billion for procurement of books for NASS Library; N3 billion Senate Car Park; N3 billion for House of Representatives Car Park; N3 billion for upgrade of NASS key infrastructure; N3 billion for Design, construction, furnishing and equipping of NASS ultramodern printing press; N2.700 billion for furnishing of Committee meeting rooms & others offices within Senate building; N3 billion for furnishing of Committee meeting rooms for House of Representatives Part I & II); N2.500 billion for NASS Pension Board (Take-off Grant); N1.230 billion for Office of Retired Clerks & Permanent Secretaries; N1 billion for Constitution Review; N130 million for Public Accounts Committee (Senate); N150 million for Public Accounts Committee (House); N200 million for Senate Appropriation Committee and N200 million for House of Representatives’ Appropriation Committee, respectively.
From the total sum of N50.451 trillion approved for Recurrent (Non-Debt) Expenditure, Ministry of Defence got the highest allocation of N1.308 trillion, followed by Ministry of Police Affairs – N869.121 billion; Ministry of Education – N857.134 billion; Ministry of Health & Social Welfare – N667.577 billion; Ministry of Interior – N362.552 billion; Ministry of Youth – N201.467 billion; National Security Adviser (NSA) – N199.763 billion; Ministry of Foreign Affairs – N140.456 billion; Ministry of Agriculture & Food Security – N110.248 billion; Secretary to the Government of the Federation (SGF) – N100.248 billion and Presidency – N97.913 billion.
Credit: Nigerian Tribune