House Passes N27.5trn Appropriation Bill for Second Reading

House Passes N27.5trn Appropriation Bill for Second Reading

* Assures Nigerians of passage of budget before year ends

Adedayo Akinwale in Abuja

The House of Representatives has passed the N27.5 trillion Appropriation Bill 2024 for the second reading.

President Bola Tinubu had on Wednesday submitted the 2024 budget to the joint session of the National Assembly.

The House, at a special sitting on Friday presided over by the Speaker, Hon. Tajudeen Abbas, also assured Nigerians that the budget would be passed before the year runs out. 

The Federal Government proposed the bill for an Act that would authorise the release of N27.503 trillion from the Consolidated Revenue Fund of the Federation.

Out of the total amount proposed, the sum of N1.376 trillion was allocated for Statutory Transfers, while the sum of N8.490 trillion was allocated for debt service. 

Also, the sum of N9.918 trillion was allocated for recurrent (non-debt) expenditure. This is simply for expenses incurred by the government in its day-to-day operations that are not related to servicing its debt obligations.

Similarly, the sum of N7.717 trillion was allocated for contribution to the development fund for capital expenditure. 

The Bill was referred to the House Committee on Appropriation by the Speaker for further legislative action.

Meanwhile, the House will, on December 4, organise a citizens budget townhall on the budget presentation and appropriation process to harness public inputs and opinion.

The House has also resolved to suspend plenary for two weeks to leave way for budget defence by Ministries, Departments and Agencies (MDAs) before relevant House committees.

Also, a joint sitting of relevant Committees of Senate and the House to examine the economic feasibility, allocation and utilisation of funds and sustainability of proposed fiscal policies is scheduled to hold on December 5, 2023.

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