Nigeria’s President Bola Tinubu has officially signed the N28.78 trillion 2024 Budget into law. The signing follows a period of intense controversies surrounding the bill, notably the contentious N1.2 trillion inflation imposed by the National Assembly.
The ceremony, witnessed by top government officials at the Presidential Villa in Abuja, marked the end of extensive deliberations and revisions that have followed the bill. President Tinubu returned to the Aso Rock Villa in Abuja after a week-long Christmas break in Lagos to preside over this historic signing.
Accompanying the President were key figures including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas. Notable personalities such as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Budget and Economic Planning, Atiku Abubakar, and the National Security Adviser (NSA), Nuhu Ribadu, were also present, underscoring the gravity of the moment.
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The National Assembly’s passage of the budget over the weekend sparked intense debates as it increased the budget size from the initially proposed N27.5 trillion by President Tinubu to N28.7 trillion, resulting in a substantial N1.2 trillion increase.
Key determinations within the approved budget include benchmarking oil prices at $77.96 per barrel, aligning with current international market prices. The sanctioned oil production rate stands at 1.78 million barrels per day, while the fixed exchange rate remains at N800 to a US dollar. Furthermore, the budget outlines a GDP growth rate of 3.88%, accompanied by a notable budget deficit of N9.18 trillion.
Senate President Godswill Akpabio, during the announcement of the successful passage of the budget, highlighted that the majority of lawmakers supported the decision through a voice vote. The passage followed a meticulous consideration of a report presented by the Chairman of the Senate Committee on Appropriations, Adeola Olamilekan.
Olamilekan, in his comprehensive report, proposed allocations such as N1.7 trillion for Statutory Transfers, N8.2 trillion for Debt Service, N8.7 trillion for recurrent expenditure, and N9.9 trillion for capital expenditure. The amplified appropriation was attributed to the necessity for additional funding in sectors that were initially underrepresented in President Tinubu’s initial proposal.
The committee acknowledged the inadequacy of funding in various Ministries, Departments, and Agencies (MDAs) of the federal government, which significantly contributed to the amplified budget.
However, controversies arose as the National Assembly inflated its 2024 budget to N344 billion, a 51% increase from 2023 and a remarkable 75% surge from the initial proposal. Notable allocations included N4 billion for a new National Assembly Recreational Centre and N6 billion for car parks, sparking debates on governance costs within Nigeria.
The breakdown of the National Assembly Budget reveals allocations for specific purposes:
House of Representatives: N78.624 billion
Senate: N49.145 billion
National Assembly Recreational Centre: N4 billion
Senate and House Car Parks: N6 billion each
National Institute for Legislative and Democratic Studies (NILDS): N4.5 billion
Committee Meeting Rooms Furnishing: N2.7 billion
Infrastructure Upgrades & Modern Printing Press: N3 billion each
NASS Library Books: N3 billion
Pension Board: N2.5 billion
Retired Clerks & Permanent Secretaries: N1.230 billion
Constitution Review: N1 billion
Senate Appropriations Committee: N200 million
Public Accounts Committee: N130 million (Senate), N150 million (House)