- President Tinubu is expected to be accompanied by some members of Federal Executive Council
President Bola Tinubu is expected to lay the N26 trillion budget estimates for 2024 fiscal year on Wednesday, November 29.
In line with legislative practice, the budget estimates is to be laid before the joint session of the National Assembly.
President Tinubu is expected to be accompanied by some members of Federal Executive Council (FEC), including Minister of Finance and Budget Planning.
According to the copy of the 2024-2026 MTEF/FSP “A total of N6.78 trillion (inclusive of N1.02 trillion for GOEs) is provided for personnel and pension costs, an increase of N904.49 billion or 15% over the 2023 provision.
“This is 40% of the projected aggregate revenues for 2024. The provision for Statutory transfer includes N112 84 billion (representing 1% of the consolidated revenue fund) earmarked for the Basic Health Care Provision Fund (BHCPF) and N116 06 billion for the North-East Development Commission (NEDC).
“In addition, N129.53 billion has been set aside in the service-wide votes for GAVI/Routine Immunization. The aggregate amount available for capital expenditures in the 2024 budget is N6.77 trillion. This represents 27% of total expenditure and is only 5% more than the 2023 provision of N6.45 trillion. The 2024 provision comprises N2.31 trillion for MDAs, N855.70 billion for capital supplementation, N895.21 billion for capital component of statutory transfers, N7 billion for Family Home Fund, N820.91 billion capital budget of GOEs, N604.12 billion for donor/grant funded expenditures and N888.53 billion funded by project-tied multilateral/bilateral loans. Other provisions, including TETFUND capital and transfer to National Social investment Authority (NSIA), amount to N388.82 billion.”
Recall that the National Assembly had penultimate week passed the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) and transmitted it to the President for assent.
Speaking earlier at the one-day retreat organised for Chairmen and Deputies of various Standing Committees, Speaker Tajudeen Abbas hinted on the 10th Assembly’s plan to hold Budget Town hall meeting in the bid to enable citizens to make inputs into the 2024 budget.
He said: “In line with our mantra as the “Peoples House”, the 10th House of Representatives is committed to greater and more transparent engagement with the public.
“This is necessary for reducing suspicion, building trust and generating support for the work of the National Assembly.
“As we expect to receive the 2024 Appropriation bill in a few days, I wish to state that the House will convene a Budget Townhall Meeting to enable citizens to make inputs into the 2024 Appropriation.
“It is the first time such an engagement is planned at the national level. I invite our partners to work with us in preparing for a vigorous and all-inclusive budget process.
“To ensure speedy passage of the 2024 budget, I charge all Committees to double their efforts and finalise all considerations in two weeks.
“However, this does not imply haphazard and superficial consideration of the Budget. Rather, it is a challenge to you to deploy all resources and make the needed sacrifices to ensure we pass the Budget in good time for the good of all Nigerians,” Hon. Abbas said.
In his remarks, Chief of Staff to the President, Femi Gbajabiamila assured that the 2024 budget estimates will soon be transmitted to the National Assembly for consideration.
Gbajabiamila, said there was need for the House of Representatives to continue to be a place of policy formulation and governing excellence.
“The assessment of the tenth assembly will be determined by the performance and effectiveness of the committees. The collapse of local government structure has made constituents look up to legislators to fill the gaps.
“Avoid witch-hunting. Oversight funding should be provided without depending on outside sources for support. Investigative reports should be published for transparency and accountability,” he said.
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