National Assembly hastens review of Tinubu’s N27.5trn 2024 budget, bill may pass in two weeks

The National Assembly (NASS) is expected to expedite the adoption of the N27.5 trillion 2024 Appropriations Bill, possibly clearing it by December 19, 2023, according to reports.

President Bola Ahmed Tinubu swiftly submitted the “Budget of Renewed Hope” to the assembly, whereupon it was tabled for deliberation.

In the Senate, the second reading of the bill was discussed right away following the first reading, indicating a hurried process.

The essential ideas of the budget were promptly discussed in equal measure by the House of Representatives.

The proposed budget’s essential elements, which include an expected daily oil production of 1.78 million barrels and an oil price benchmark of $77.96 per barrel, were presented by Senate Leader Bamidele Opeyemi.

Furthermore, the budget projects a N750 to dollar exchange rate.
The federally distributable revenue for 2024 was N11.09 trillion, but the federally receivable revenue was almost N16.87 trillion, he pointed out. The N9.73 trillion total budget that is available is augmented by this revenue.

Various revenue sources, including oil, non-oil taxes, and independent revenues, are included in the breakdown.

The suggested distribution includes capital spending, debt service, sinking funds, pensions, gratuities, overhead, recurrent costs, and personnel expenses.