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NASS Beats Deadline, Passes N28.7trn 2024 Budget .Raises Tinubu's Estimate By N1.2trn


The Senate and the House of Representatives have passed the 2024 budget of N28.7trillion.

The budget was passed on Saturday, December 30, 2023, following a voice vote by the Senate President, Godswill Akpabio.

The Senate had earlier increased the 2024 Appropriation Bill by N1.2trillion, moving the budget from N27.5trillion to N28.7trillion.

President Bola Tinubu had, on November 29, presented N27.5trillion before the joint session of the National Assembly.

The House of Representatives, on Saturday, also passed the sum of N28.7trillion 2024 budget, following a report by the Chairman of the House Committee on Appropriation, Hon Abubakar Bichi.

The House Speaker, Hon Tajudeen Abbas, who read the breakdown of the report during plenary gave the National Judicial Council (NJC) the highest allocation of N341.626billion under statutory transfer.

The breakdown of the N28.777trillion approved budget showed that the sum of N1.743trillion is for statutory transfers and N8.271trillion is for debt servicing.

The sum of N8.769trillion is for recurrent (non-debt) expenditure, while N9.995trillion is for capital expenditure for the year ending December 31, 2024.

The N9.179trillion fiscal deficit for the year under review is to be financed through asset sales and privatization (N298,486,421,740); multilateral and bilateral project – N7,828,529,477,860.

The total debt service of N8.271trillion was approved for the year 2024, while the sum of N5.300trillion is to be incurred through domestic debts, including ways and means, and N2.748trillion through foreign debts.

Also, the sinking fund for the retirement of maturing promissory notes stands at N223.662billion.

The statutory transfer was followed by the Niger Delta Development Commission (NDDC) with N338.925billion after the NJC.

The Universal Basic Education Commission (UBEC) got the sum of N263.044billion; the North East Development Commission (NEDC) got N131.836billion; and the Basic Healthcare Provision Fund (BHPF) got N131.522billion.

The National Agency for Science and Engineering Infrastructure N131.522billion; the Public Complaint Commission got N14.460billion; and the National Human Rights Commission got N5billion.

The sum of N78.624billion is for the House of Representatives, while N49.145billion is for the Senate.

The sum of N36.727billion is for the NASS Office; N30.807billion for General Services; N20.388billion for Legislative Aides; N15.189billion for Service Wide Vote; and N15billion for the National Assembly Hospital Project.

The sum of N12.326billion is for the National Assembly Service Commission (NASC); N12.123billion for the National Assembly Library Complex (take-off grant); and N10billion for the ongoing construction of NASC headquarters.

Also, the sum of N9.008billion was approved for the National Institute for Legislative and Democratic Studies (NILDS) and N4.500billion for the completion of the ongoing NILDS building.

The sum of N4billion was also approved for the National Assembly Recreation Centre, while N4billion was approved for the design, construction, furnishing, and equipping of the NASS Budget and Research Office.

The sum of N3billion was also approved for the procurement of books for the NASS Library, while N3billion was approved for the Senate Car Park, and N3billion for the House of Representatives Car Park.

The sum of N3billion was approved for the upgrade of the NASS key infrastructure, and N3billion was approved for the design, construction, furnishing, and equipping of the NASS ultramodern printing press, among others.

From the total sum of N8.7trillion approved for recurrent (non-debt) expenditure, the Ministry of Defence got the highest allocation of N1.308trillion.

This was followed by the Ministry of Police Affairs with N869.121billion, the Ministry of Education with N857.134billion, and the Ministry of Health and Social Welfare with N667.577billion.

The Ministry of Interior got N362.552billion, the Ministry of Youth got N201.467billion, and the National Security Adviser (NSA) got N199.763billion.

The Ministry of Foreign Affairs got N140.456billion, while the Ministry of Agriculture and Food Security got N110.248billion.

The Secretary to the Government of the Federation (SGF) got N100.248billion, while the Presidency got the sum of N97.913billion.

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