2024 APPROPRIATION BILL LAID BEFORE NASS
Barely a month to the end of the year,
the 10th National Assembly in a Joint Session on Wednesday, November
29, 2023 received the maiden edition by this administration the Budget Estimates
from President Bola Ahmed Tinubu.
The event held at the House of
Representatives Chamber was presided over by the Senate President, Sen.
Godswill Akpabio and supported by the Speaker, House of Representatives, Rt.
Hon Tajudeen Abbas.
Interestingly, the President presented
his first Appropriation Bill before the Hallowed Chamber in mix of fun fare and
admiration. It was tagged the “Budget of
Renewed Hope”. The Annual Monetary Proposal for the Federal Government has
a projected total budgetary allocation of N27.5 for the year 2024.
Major highlights of the Bill include
a projected targeted total revenue of N18.32 Trillion Naira to be generated in the
fiscal year. While a total budget deficit of N9.18 Trillion Naira is pegged. Similarly,
45 per cent of the targeted total revenue would be used for Debt Service.
Other indices of the Bill were
projected Economic Growth pegged at 3.76 per cent, Oil Production per day 1.78
million barrels, projected Oil Price per barrel $77.96 and Exchange Rate of the
budget is pegged at N750 to a Dollar while Inflation Reduction is 21.4 per
cent.
The 2024 budget estimates also accord
priority to the Human Capital Development, Poverty Reduction, Provision of Infrastructure,
Pension and proposed Wage Increase. While the Sectors were accorded priority:
Defence N3.2 trillion Naira, Education N2.18 trillion Naira, Infrastructure
N1.32 trillion Naira, Recurrent Expenditure N9.92 trillion Naira, Capital
Expenditure N8.7 trillion Naira and Debt Service N8.25 trillion Naira.