The House of Representatives has given its nod to a total expenditure of N28.78 trillion for the 2024 fiscal year. This represents an increase of N1.2 trillion from the initial budgetary proposal of N27.5 trillion presented by President Bola Tinubu to the joint session of the Senate and House of Representatives on November 30, 2023.
A detailed breakdown of the Budget approved sum reveals allocations of N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N8.78 trillion for recurrent (non-debt) expenditure, and N10 trillion for capital expenditure for the fiscal year ending December 31, 2024.
In the approved appropriation bill, the Senate, consisting of 109 members, was allocated N49.14 billion, while the House of Representatives, comprising 360 members, received a total allocation of N78.62 billion. The National Assembly Service Commission, responsible for the bureaucracy of the federal parliament, secured a total allocation of N12.33 billion.
Additionally, the approved budget earmarks N20.39 billion for the remuneration and logistical support of legislative aides. The National Institute for Legislative and Democracy Studies was allocated N9.01 billion, reflecting an official commitment to enhance its capacity.
The Public Accounts Committees of the Senate and House of Representatives were allocated N130 billion and N150 billion, respectively, underscoring the significance placed on their roles in the oversight and accountability processes.