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FG To Return N27.5 Trillion 2024 Appropriation Bill To National Assembly (Full Details)

Published

1 year ago

Dec 12, 2023.

EKO HOT BLOG reports that Federal Government is considering returning the N27.5 trillion 2024 Appropriation Bill to the National Assembly for adjustments if revenue rises.

Finance Minister, Wale Edun, speaking before the Senate Committee on Finance, cites economic progress as a reason for potential budget revision.

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The Minister said, “The revenue performance was encouraging, it is expected to continue to be encouraging. There is a fiscal policy and tax reform committee which is already at work. It is meant to provide fundamental change together with digitalization, and greater efficiency in collection because it is revenue to debt that can give us the opportunity to even increase this budget.

“If we have a solid revenue performance, we will come back and am sure Mr President will authorise the process is return to the National Assembly to appropriate extra revenue. That is a situation we are all looking forward to.”

This online media platform recalls that President Bola Tinubu, a few days ago presented before the National Assembly an expenditure proposal of N27.5 trillion 2024 Appropriation Bill

The President announced his administration’s resolve to adopt the “revised 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP,” as the parameters for the 2024 budget, just as he also announced the administration’s plan to grow the economy by a minimum of 3.76 per cent, above the forecasted world average.

Speaking further, Edun noted that the Federal Government was looking at how to speed up the procurement process to increase capital spending in the 2024 budget.

He said, “When we look at actual budget performance, expenditure as at 3rd quarters of the year which is September, was 32 per cent below the budget estimate, revenue was five per cent up, the revenue performance is quite encouraging, debt service, because of change in the exchange rate, a depreciation of the currency and the fact we have a foreign debt of about $46billion outstanding, means that debt service was up by 18 per cent.

“Capital expenditure performed below budget quite significantly. We are looking at the issue of the procurement process and ways to speed up capital spending, in terms of the overall balance of the budget.

“Fiscal deficit is expected to come down from N13.7 trillion to N9.2 trillion and importantly, the deficit, the amount of the budget to be funded by borrowing is down from 6.1 per cent to 3.9 per cent that is per cent of GDP and Capital expenditure remains at 32 per cent, so that is the whole structure of the budget.”

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