News
National Assembly Prepares to Pass 2024 Budget as 541 MDAs Conclude Defence
EKO HOT BLOG reports that the National Assembly gears up to finalize the N27.5 trillion 2024 budget as various government agencies complete their budget defence sessions.
Senate Appropriations Chairman, Senator Adeola Solomon, expressed readiness to receive and evaluate sub-committee reports, aiming for a budget passage by Saturday
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President Bola Tinubu introduced the substantial budget in November 2023, highlighting a N9.18 trillion deficit for the fiscal year.
This deficit, lower than that of the previous year, is intended to be financed through borrowings, privatisation proceeds, and multilateral loans for specific development projects.
The comprehensive budget defence involved around 541 MDAs presenting and defending their budgets before National Assembly committees.
Committees, such as those overseeing Power, Education, and Health ministries, engaged in thorough evaluations.
Chairman Solomon emphasized the importance of meeting the December 31, 2023 deadline, urging committee heads to submit their reports promptly. He stressed the Assembly’s commitment to ensuring timely passage to kickstart implementation by January 1, 2024.
Despite concerns about the pace of defence by some agencies, spokespeople from both the Senate and House of Representatives affirmed their dedication to the budget’s scrutiny and passage within the stipulated timeframe.
Echoing the sentiment, legislators emphasized the significance of maintaining the January-December budget cycle for effective planning and national economic stability.
They assured their commitment to passing the budget before the year’s end, with provisions for potential amendments or supplementary budgets if needed.
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In all, the National Assembly remains steadfast in its efforts to ensure a thorough and timely passage of the 2024 budget, highlighting its critical role in reshaping Nigeria’s economic trajectory.
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