Indications suggest that Nigeria’s National Assembly is poised to pass the 2024 Appropriation Bill of ₦27.5tn ($67.3bn) on Tuesday, December 19.
The budget, named ‘Budget of Renewed Hope,’ was presented by President Bola Tinubu, who outlined a deficit of ₦9.18tn, representing 3.88% of the country’s total Gross Domestic Product (GDP).
The Deputy Senate President, Jibrin Barau, hinted during the plenary that the budget might be passed by the lawmakers on December 19 before embarking on their Christmas and New Year break.
The deficit will be financed through new borrowings of ₦7.83tn, ₦298.49bn from privatization proceeds, and ₦1.05tn drawdown on multilateral and bilateral loans for specific development projects.
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During the deliberations, senators applauded Tinubu for his intentions but lamented the lack of detailed budget information.
Some lawmakers called for increased allocations to education and health, while others raised concerns about issues like unemployment, power supply, and subsidy removal’s impact on rural areas.
The budget is anticipated to be passed amid ongoing debates and calls for more detailed information to ensure transparency and effective oversight.
The National Assembly plans to reconvene on December 12 for further considerations and aims to pass the budget on December 19.
The 2024 budget has sparked discussions on economic priorities, debt servicing, and allocations to key sectors, with a focus on addressing Nigeria’s developmental challenges and fostering economic growth.
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