There is a growing anticipation that the National Assembly (NASS) will approve the N27.5 trillion 2024 Appropriation Bill on December 19, 2023, according to recent developments in the Senate and House of Representatives. The bill, presented by President Bola Ahmed Tinubu and named the “Budget of Renewed Hope,” is currently undergoing swift consideration in both chambers.<\/p>\n
The Senate expedited the process as the bill was formally submitted on Wednesday, and it was swiftly treated as the first reading during the session. Senate Leader Bamidele Opeyemi, while presenting the general principles of the bill, emphasized that it had been considered to have been read the first time due to its laying before the joint session of the National Assembly on November 29, 2023.<\/p>\n
Key highlights of the budget include an oil price benchmark of $77.96 per barrel, oil production estimate of 1.78 million barrels per day, and an exchange rate of N750 to the dollar. Opeyemi outlined the fiscal assumptions and parameters, revealing that total federally collectible revenue was estimated at N16.87 trillion in 2024, with total federally distributable revenue projected at N11.09 trillion.<\/p>\n
Total revenue available for funding the federal budget in 2024 was estimated at N9.73 trillion, incorporating revenues from government-owned enterprises, oil revenue, non-oil taxes, federal government’s independent revenues, and other sources. The proposed allocation for the 2024 budget includes statutory transfers of N744.11 billion, non-debt recurrent cost of N10.26 trillion, and personnel costs of N4.99 trillion.<\/p>\n
Opeyemi disclosed that the capital expenditure, including the capital component of statutory transfers, debt service, and sinking fund, was set at N8.7 trillion. Despite concerns about the high recurrent expenditure, constituting over 43% of the total budget outlay, Opeyemi highlighted the expected deficit of N9.8 trillion, representing 3.88% of the estimated GDP, which exceeds the three percent threshold set by the Fiscal Responsibility Act, 2007.<\/p>\n
To finance the deficit, Opeyemi proposed new borrowings totaling N7.83 trillion, N294.49 billion from privatization proceeds, and N1.06 trillion from bilateral and multilateral loans secured for specific development projects. While acknowledging concerns over continued borrowing, he assured that the federal government’s debt level remains within sustainable limits.<\/p>\n
In contributions, senators commended President Tinubu for the budget, emphasizing its potential impact on food security, poverty alleviation, and economic development. The House of Representatives also began its debate on the general principles of the 2024 Appropriation Bill, expressing confidence that the spending plan will address the nation’s needs, including economic challenges and security.<\/p>\n","protected":false},"excerpt":{"rendered":"
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