NASS is preparing to approve the 2024 Appropriation bill

The 2024 Appropriation bill is currently being finalized by the joint Senate and House of Representatives Committees on Appropriations. In order to meet the deadline of December 30th, 2023 for the passage of the budget for the 2024 fiscal year, the committees have taken measures to expedite the process.

According to sources familiar with the matter, the committees have temporarily relocated from the National Assembly complex to a hotel in the Central Business District (CBD). This move is part of their strategy to ensure a timely conclusion to the budget compilation.

Additionally, it has been reported that there may be an increase of at least five percent in the budget, resulting in a potential increase of about two trillion naira in the final Appropriation figure.

The assumptions and parameters for the fiscal year 2024 have been revised. The new figures include an oil price benchmark of $77.96 per barrel, with a daily oil production estimate of 1.78 million barrels per day, including condensates. The exchange rate is set at 750 Naira per US Dollar, and the projected GDP growth rate is 3.75 percent, while the inflation rate is expected to be 17.16 percent.

In terms of budget allocation, various institutions have been assigned specific amounts. The National Judicial Council (NJC) will receive N165 billion, the Niger Delta Development Commission (NDDC) will be allocated N324,844,833,046, and the Universal Basic Education Commission (UBEC) will receive N251,474,292,062.

The National Assembly will be allocated N197,932,625,616, while the Public Complaint Commission will receive N13.690 billion. The Independent National Electoral Commission (INEC) will be allocated N30 billion, and the National Human Rights Commission will receive N5 billion. The North East Development Commission (NEDC) will be allocated N126,936,316,904, and the Basic Health Care Provision Fund and the National Agency for Science and Engineering Infrastructure (NASENI) will both receive N125,737,146,031.

Lastly, it has been announced that the House of Representatives will reconvene on Saturday, 30th December, 2023, with the aim of passing the 2024 Appropriation bill through its Third Reading.

The joint Committees on Appropriations, Finance, Budget and National Planning, along with other relevant Standing Committees, will present the harmonized report on the 2024 Appropriation bill.

Nigerian Tribune has learned that the budget estimates submitted by the Standing Committees for various Ministries, Departments, and Agencies (MDAs) were returned without any additional inputs.

However, they have been encouraged to provide separate recommendations for the consideration of the Appropriation Committee. President Bola Ahmed Tinubu emphasized the need for the legislative process to be expedited in order to pass the Appropriation bill and adhere to the established January-December budget cycle.

The proposed budget for the 2024 fiscal year includes N3.25 trillion (12 percent) allocated to the Defence and Security sector, covering Military, Police, Intelligence, and Paramilitary expenditures. Additionally, N2.18 trillion (7.9 percent) has been proposed for the education sector. Notably, the budget also includes N700 billion allocated to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in Tertiary institutions.