On Wednesday, November 29, President Bola Tinubu is anticipated to present the N26 trillion budget estimates for the 2024 fiscal year.
The budget estimates are to be presented to the joint session of the National Assembly in accordance with parliamentary tradition.
A few members of the Federal Executive Council (FEC), including the Minister of Finance and Budget Planning, are anticipated to accompany President Tinubu.
The Nigerian Tribune was able to obtain a copy of the 2024–2026 MTEF/FSP, which states that N6.78 trillion (including N1.02 trillion for GOEs) is allocated for staff and pension costs, representing a 15% increase of N904.49 billion over the 2023 amount.
This is 40% of the total expected revenue in 2024. N116 06 billion for the North-East Development Commission (NEDC) and N112 84 billion (1% of the consolidated revenue fund) are designated for the Basic Health Care Provision Fund (BHCPF) in the Statutory Transfer provision.
Furthermore, N129.53 billion has been allocated for GAVI/Routine Immunisation in the service-wide voting. N6.77 trillion is the total budgetary allotment for capital expenditures in 2024. This is just 5% more than the N6.45 trillion allocation for 2023, yet it still accounts for 27% of all spending. N2.31 trillion for MDAs, N855.70 billion for capital supplementation, N895.21 billion for the capital component of statutory transfers, N7 billion for the Family Home Fund, N820.91 billion for GOEs’ capital budget, N604.12 billion for expenditures funded by grants and donors, and N888.53 billion funded by project-tied multilateral and bilateral loans make up the 2024 provision. N388.82 billion is allocated for other purposes, such as the capital of the TETFUND and the transfer to the National Social Investment Authority (NSIA).
Remember that the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) were approved by the National Assembly in the final week and forwarded to the President for ratification.
Earlier, during the one-day retreat for Chairmen and Deputies of several Standing Committees, Speaker Tajudeen Abbas made hints about the 10th Assembly’s intention to have Budget Town Hall meetings in an effort to allow public participation in the budget for 2024.
He declared: “The 10th House of Representatives is dedicated to deeper and more open communication with the people, in keeping with our motto as the “Peoples House.”
Reducing mistrust, fostering trust, and fostering support for the National Assembly’s mission all depend on this.
“I would like to announce that the House will have a Budget Townhall Meeting so that the public can provide comments on the 2024 Appropriations, as we anticipate receiving the bill in a few days.
“This kind of engagement is being organised at the national level for the first time. I cordially encourage our partners to collaborate with us as we get ready for a rigorous and comprehensive budget process.
“I demand of all Committees that they double their efforts and complete all considerations within a fortnight in order to guarantee the 2024 budget’s swift passage.
But this does not mean that the Budget was considered carelessly or superficially. Rather, Hon. Abbas challenged you to use all available resources and make the necessary compromises to ensure that the budget is passed on time and for the benefit of all Nigerians.
Femi Gbajabiamila, the President’s Chief of Staff, promised in his speech that the National Assembly will soon receive the 2024 budget projections for review.
According to Gbajabiamila, the House of Representatives must remain a hub for excellent governance and policymaking.
The effectiveness and performance of the committees will be taken into consideration while evaluating the tenth assembly. Because of the breakdown of the local government system, citizens now look to lawmakers to fill the voids.
Don’t go witch hunting. Funding for oversight should be given without relying on outside assistance. For the sake of accountability and transparency, investigative reports ought to be made public, he stated.
