The Nigerian House of Representatives has successfully passed the 2024 budget totaling N27.5 trillion for its second reading. The appropriations bill was approved on Thursday, marking a crucial step in the legislative process.
During the debate on the general principles of the budget, House Leader Julius Ihonvbere commended President Bola Tinubu for the proposed budget. Ihonvbere highlighted the significant allocations to national security and education, expressing optimism that their implementation would enhance these critical sectors.
He stated, “Nigeria will be more secure with the allocation to defence and security. As a teacher, I am impressed by the emphasis on basic education. I am sure that education will be better off this time.”
President Bola Tinubu, in his maiden budget presentation to the National Assembly on Wednesday, outlined that the N27.5 trillion 2024 budget aims to achieve micro-economic stability, poverty reduction, and greater access to social security.
The president emphasized priority areas such as security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.
The proposed budget allocates recurrent non-debt expenditure at N9.92 trillion, capital expenditure at N8.73 trillion, debt service at N8.25 trillion, revenue at N18.32 trillion, new borrowings at N7.83 trillion, and deficit at N9.18 trillion. The budget reflects the government’s commitment to addressing key economic and social challenges in the country.
