As lawmakers return to plenary this week, OrderPaper’s Legislative Intelligence Unit forecasts that discussions around the 2025 budget, the arrest of IPOB leader Simon Ekpa in Finland, and President Tinubu’s bill on social investment will be key issues for consideration. As lawmakers return to plenary at the National Assembly this week, the nation looks to them to address pressing issues of governance, economic reforms, and societal welfare. With a packed legislative agenda, the coming days...
The bill seeks the implementations of critical developmental projects across the nation’s capital city. The senate has passed a bill seeking the approval of a N288 billion supplementary budget for the Federal Capital Territory Administration (FCTA), Abuja. This followed the consideration and approval of the bill’s recommendation by all senators present during Thursday’s plenary. The bill is for an Act to issue from the Federal Capital Territory Administration Account the total sum of N288bn arising...
The two executive bills to increase government spending in the 2024 budget passed first and second reading same day on the floor of both chambers. The Senate and House of Representatives have separately passed for first and second second reading, a bill to amend the 2024 budget to authorise the spending of an additional N6.2 trillion for the year ending on the 31st day of December. This is as both legislative houses also amended...
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 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...
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...
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...
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....
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...
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...
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