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2024 budget

Bill to establish NASS budget office scales second reading in Senate

The budget office will ensure to scrutinise budget estimates of the executive and monitor the implementation of annual budget estimates. The Senate has passed for a second reading a Bill seeking to establish the National Assembly Budget and Research Office (NABRO). The bill titled, “A Bill for an Act to establish the National Assembly Budget and Research Office which provides the National Assembly with objective, timely and non-partisan analysis needed for economic and budget decisions...

SERAP demands reduction of N344.85bn NASS budget

SERAP has asked the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, to reduce the National Assembly budget of N344.85 billion, and make it reflect the country’s current economic realities. The Socio-Economic Rights and Accountability Project (SERAP) has asked the National Assembly to cut down its budget for the 2024 fiscal year which is pegged at N344.85 billion.  The non-profit organisation urged the Senate President, Godswill Akpabio (APC, Akwa-Ibom...

The GIFT Project, 2024 Budget and Strategies for Improved Public Finance Management

As 2024 commences, the financial tension in the air is palpable. From the lingering effects of fuel subsidy removal, steady rise in inflation and prices of essential commodities, unabating corrupt practices, and poor public finance management, a lot is hinged on the successful implementation of the 2024 budget. To achieve this, the GIFT Project advocates effective citizen engagement, pragmatic parliamentary oversight, and urgent fiscal reforms to stir things in the right direction. The ceremonies leading...

2024 budget breakdown: see ministries with increased allocations

The National Assembly has passed N28.5 trillion as the budget for the 2024 fiscal year, a significant increase from what was proposed. A review of the breakdown of the budget shows that some of the ministries had a significant increase in their budgetary allocation, and others slightly.    On Saturday, December 30, 2023, the National Assembly passed N28.5 trillion as the budget for the 2024 fiscal year, 30 days after President Bola Tinubu presented the...

Budget deficit – A ‘tradition’ President Tinubu retained in the 2024 Budget

President Tinubu in the 2024 appropriation bill signed into law followed the tradition of his predecessor with a budget deficit of N9.178tn A Budget typically comprises 2 main items. The revenue (income) and the expenditure (how the income is to be disbursed and spent majorly as a capital project or a recurrent project). A budget deficit occurs when one’s expenditure is more than the revenue. That is, you plan to spend more than the earnings....

Why we jerked 2024 budget by N1.2trn – NASS

The representatives explained that inflation and the need for a realistic dollar exchange rate necessitated the increase of N1.2trn in the 2024 budget The National Assembly has passed the 2024 budget with an increase of N1.2trn. The lawmakers, who held a special session to pass the budget, increased the estimate from N27.5 trillion presented by President Bola Tinubu to N28.7trillion. The Senate also passed the 2024 budget with a similar raise of the estimates. Explaining...

Senate passes 2024 budget, raises estimates to 28.7trn 

In passing the budget the Senate also jerked up the exchange rate for 2024 to N800 per US dollar but retained oil production and price benchmarks as proposed by President Tinubu The Senate has approved the budget for the 2024 fiscal year. The budget was, however,  increased from N27.5 trillion presented by President Bola Tinubu on November 29, 2023 to N28.7 trillion. This shows an increase of over N1.2 trillion. The Senate also increased the...

In accelerated approval, Senate extends 2023 budget by 3 months

The senate extended implementation of the 2023 budget till March 31st 2024, to allow MDAs to utilise capital releases which would otherwise be returned to treasury The Senate has granted an accelerated passsage to an amendment of the 2023 budget and the supplementray money bill passed last November. The rationale is to extend the implementation of the 2023 budget till March 31, 2024 so that Ministries, Departments, and Agencies (MDAs) of the Federal Government some...

Senate asks police to bring CAC boss in 24 hours

The Senate committee had observed discrepancies in the accounts of the CAC and was therefore miffed at the continual absence of the CAC boss The Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussain Magaji has come under fire from the Senate committee on finance as it has mandated the Inspector-General of Police to compel his appearance before it within 24 hours. The Registrar General had turned down the Senate Committee’s invitation to defend its Commission’s...

No provision for census in 2024 budget – Ningi

The Senate appropriation chair, however, assured that the committee would search the 2024 budget for money to cover the planned population census The Senate was taken aback by a revelation that there was no provision for the scheduled 2024 population and housing census in the budget proposal of the National Population Commission (NPC). This was disclosed by Chairman, Senate Committee on National Population Commission, Senator Abdul Ningi (PDP Bauchi Central) who informed the lawmakers about...

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