Reps pass 2024 budget for second reading

The House of Representatives, on Friday, concluded the debate on the general principles of the N27.5 trillion budget proposal for 2024 fiscal year.

In line with extant legislative practice, the Appropriation bill was referred to the joint House Committees on Appropriations, Finance and other relevant Standing Committees for further legislative action.

In the bid to fast-track the legislative process for the passage of the Appropriation bill and meet the already established January-December budget cycle, the House is expected to adjourn plenary to engage with Ministers and Permanent Secretaries of various Ministries, Departments and Agencies (MDAs).

According to the timetable released by the House, President Bola Ahmed Tinubu has proposed N3.25 trillion representing 12 percent and N2.18 trillion representing 7.9 percent of the N27.554 trillion for security and education sectors in the 2024 fiscal year.

Among the critical allocations in 2024 budget, N700 billion Transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in Tertiary institutions.

Amount provisioned for Universal Basic Education Commission (UBEC) is N251.47 billion, Federal Ministry of Education and its agencies (Recurrent & Capital expenditure) is N1.23 trillion, Health Sector gets N1.33 trillion i.e. 5% of federal budget Amount provisioned for Federal Ministry of Health and its agencies (Recurrent & Capital expenditure) while N137.21 billion is for Gavi/ Immunization funds, including Counterpart Funding for Donor Supported Programmes while the sum of N125.74 billion Transfer is set aside for Basic Healthcare Provision Fund (BHCPF) 1% of Consolidated Revenue Fund (CRF).

According to the document seen by Nigerian Tribune, Defence & Security Sector (N3.25 trillion) gets 12% of Budget while Military, Police, Intelligence & Paramilitary (Recurrent & Capital expenditure) Infrastructure stands at N1.32 trillion representing 5% of the budget.

This includes provisions for Works & Housing, Power, Transport, Water Resources, Aviation. Social Development & Poverty Reduction Programmes (N534 billion) – (2% of Budget) amount provisioned for Social Investments / Poverty Reduction Programmes

As of September 2023, FGN’s retained revenue was N8.65 trillion, approximately 104.5% of the pro-rata target of N8.28 trillion.

The FGN share of oil revenues was N1.42 billion (84.7% performance), while non-oil tax revenues totalled N2.50 trillion (a performance of 135%). CIT and VAT collections were N1.55 trillion and N318.95 billion, representing 221.4% and 111% of their respective targets.