Budget: Speaker requests committees to provide MDA defences

The budget plan for 2024 will be approved on December 30, 2023, according to Speaker of the House of Representatives Tajudeen Abbas.

At the Tuesday plenary session’s restart, Abbas made this statement from the Green Chamber floor.

He informed the chairmen of the committees that they had received instructions from the Appropriations Committee to create reports detailing the budget defences made by the various ministries, departments, and agencies, and to submit them by Tuesday at the latest, at 8 p.m. ($04).

The Speaker opened plenary by welcoming his colleagues and announcing that the formal day for the passage of the budget would be planned for Saturday, December 30, 2023. This was done to allow the various committees to examine the 2024 Appropriations Bill. The break had lasted for two weeks. All other related tasks, such as bill processing, compilation, and harmonisation, will occur in between. Thus, if you’re planning a Christmas trip, try to remember that Saturday, December 30th is the day we formally approve the 2024 budget.

Additionally, he made a request to all the committees to do their work on budget defence by Tuesday at the latest, adding, “This is an appeal to all committees that are unable to finish their budget defence and submit their reports.” The deadline for them to complete and perhaps present their reports for defence at the Appropriations Committee office is this Tuesday at 8 p.m.

Tuesday saw the House decide to look into the loopholes that prevent the country’s ports and harbours from fully realising their economic potential.

After a motion co-sponsored by Ibrahim Isiaka and Julius Ihonvbere, the House Leader, was adopted, this happened.

In the midst of the motion’s debate, led by Ihonvbere, the House noted that the maritime sector—which has underutilised seaports that could boost revenue and the country’s Gross Domestic Product—is essential to Nigeria’s economic survival.

According to the House, only 10% of West African imports reach Nigeria’s seaports, out of 60% of total imports intended for the country. This represents a substantial economic loss resulting from ineffective management and inefficiencies, estimated to be worth $7 billion yearly.

“Most ships carrying commodities to Nigeria would rather dock at foreign ports than in Nigeria, which worries the House. In fact, Benin Republic gains from Nigeria’s sizable market, but Cotonou continues to be a well-liked haven for importers. However, due to inadequate shipping connectivity and shallow drafts in the port channels, massive trade cargoes are lost to Togo and other neighbouring countries, where they are then offloaded and transshipped to Nigeria. These losses are estimated to have cost N250 billion in 2016 alone.

“Why the country cannot develop the ports of Calabar, Port Harcourt, Warri, and Koko as a haven for importers in the region, and why it cannot relieve the load on the ports of Lagos, are concerns that the House has. Another major concern we have is that the expanding cargo and maritime industry may not have enough infrastructure or capacity.

The House charged its Committees on Ports and Harbours, Maritime Safety Education and Administration, National Planning and Economic Development, and Nigerian Shippers’ Council with “investigating the gap affecting the full realisation of the economic advantage of Ports and Harbours and other Blue Economy in Nigeria” when it adopted the motion.