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.
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.
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.
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