ADVERTISEMENT

House of Reps commences debate on Tinubu's ₦27.5 trillion 2024 budget

The debate on the 2024 budget is set to continue at the next plenary session on December 5.

Tinubu presents ₦275 billion 2024 budget [Presidency]

This development followed President Bola Tinubu's presentation of the 2024 Appropriation Bill during a joint sitting of the National Assembly in Abuja.

Rep Julius Ihonvbere, the Majority Leader of the House, led the debate during the second reading, stating that the "Budget of Renewed Hope" aimed to address pressing issues, including insecurity, fostering economic growth, and creating a conducive environment for education.

Contributing to the discussion, Ahmed Jaha (APC-Borno) highlighted the importance of effective oversight by appropriate House committees and stressed the need for timely fund releases to ensure the full implementation of the 2024 budget.

ADVERTISEMENT

Rep. Usman Kumo (APC-Gombe) applauded the priority given to security in the proposed budget, while Rep. Sada Solid (APC-Katsina) underscored the necessity of addressing challenges in the Integrated Personnel and Payroll Information System (IPPIS) to manage personnel costs.

Bello El-rufai (APC-Kaduna) argued for the implementation of Steve Oronsanye's report to reduce westernisation in government.

President Bola Tinubu, during the budget presentation, outlined key focus areas, including economic growth, human capital development, poverty reduction, and security. The 2024 budget allocates ₦9.92 trillion to recurrent expenditure, ₦8.7 trillion to capital expenditure, and ₦8.25 trillion to debt servicing.

President Tinubu also highlighted the commitment to meeting debt obligations, with projected debt service accounting for 45% of the expected total revenue. The budget deficit is projected at ₦9.18 trillion in 2024, representing 3.88% of GDP, lower than the 2023 deficit of ₦13.78 trillion, which stood at 6.11% of GDP.

The debate on the 2024 budget is set to continue at the next plenary session on December 5, as the nation eagerly awaits the outcome of the deliberations.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Shettima tells economic hardship protesters to behave responsibly

Shettima tells economic hardship protesters to behave responsibly

Umahi says Igbos have no reason to protest economic hardship under Tinubu

Umahi says Igbos have no reason to protest economic hardship under Tinubu

NEMA distances itself from warehouse raided for food by Abuja residents

NEMA distances itself from warehouse raided for food by Abuja residents

Poor electricity supply forces frozen foods vendor to spend ₦400k on diesel monthly

Poor electricity supply forces frozen foods vendor to spend ₦400k on diesel monthly

Don't offer a bribe to my people, report anyone to me - Tinubu tells Qatari investors

Don't offer a bribe to my people, report anyone to me - Tinubu tells Qatari investors

AfDB supports Nigeria with $134m to cultivate rice, maize, cassava, soybeans

AfDB supports Nigeria with $134m to cultivate rice, maize, cassava, soybeans

Business owners in FCT count losses amid worsening power supply

Business owners in FCT count losses amid worsening power supply

'Mai shayi' laments drop in sales as Indomie price skyrockets

'Mai shayi' laments drop in sales as Indomie price skyrockets

President Tinubu mourns Nollywood duo Mr Ibu, Sisi Quadri

President Tinubu mourns Nollywood duo Mr Ibu, Sisi Quadri

Pulse Sports

Popular TV host Kate Abdo makes it official with boyfriend, cuddles up with him on Instagram post

Popular TV host Kate Abdo makes it official with boyfriend, cuddles up with him on Instagram post

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Ex-Arsenal midfielder rushed to hospital following brain-related injury

Ex-Arsenal midfielder rushed to hospital following brain-related injury

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

ADVERTISEMENT
ADVERTISEMENT