Indications are rife that the National Assembly is gearing up to pass the 2024 Appropriation Bill amounting to ₦27.5tn on December 19, as both the Senate and the House of Representatives have given the ‘Renewed Hope’ budget a nod during its second reading.
Deputy Senate President Jibrin Barau hinted at a swift passage during the plenary, suggesting that lawmakers might conclude the deliberations on December 19 before their Christmas and New Year break.
The budget, presented by President Bola Tinubu and dubbed ‘Budget of Renewed Hope,’ addresses various aspects of the nation’s economy. Tinubu highlighted a deficit of ₦9.18tn, equivalent to 3.88% of the country’s GDP. The deficit will be financed through new borrowings of ₦7.83tn, ₦298.49bn from privatization proceeds, and ₦1.05tn drawdown on multilateral and bilateral loans.
To control inflation at 21.4% in 2024, Tinubu mentioned ongoing reviews of tax and fiscal policies. The budget also emphasizes a push to increase the revenue-to-GDP ratio from less than 10% to 18% within the administration’s term.
In a noteworthy move, the Metal Manufacturing Company in Sagamu faced a shutdown due to safety violations. The Minister of Labour and Employment for the State, Nkiru Onyejiosha, expressed concerns over workers’ exposure to health hazards and emphasized the need for compliance with safety regulations.
During the Senate deliberations, various senators raised concerns, with Senator Babangida Hussaini emphasizing the importance of addressing unemployment to curb insecurity. The budget debate also touched on issues such as debt servicing, capital expenditure, and allocations to critical sectors like education and power.
While some senators commended the budget’s realistic projections, others called for increased allocations to sectors like education and health. Senator Abba Moro criticized the enveloping system of budgeting, advocating for alternatives to combat corruption.
The Senate Chief Whip, Ali Ndume, defended the borrowing aspect, stating its worthiness when accompanied by visible developments. Senator Francis Fadahunsi expressed hope for the inclusion of funds for infrastructure projects, particularly the Ibadan-Ife-Ilesha-Akure road.
As the Senate adopts votes and proceedings, the committees will engage in budget defense sessions with Ministries, Departments, and Agencies. The Senate is scheduled to reconvene on December 12, with the anticipation of passing the budget on December 19.
In the House of Representatives, members passed the budget for a second reading, acknowledging its ‘people-centric’ focus. Lawmakers called for increased allocations to education, health, and the South-East region, emphasizing the need for a holistic implementation of the budget.
The House’s debate highlighted concerns about the removal of fuel subsidy affecting rural areas and the imperative of private sector involvement for economic growth. Members also drew attention to the allocation to security, urging a safe environment to attract private sector investment.
The budget debate witnessed some lighthearted moments, with divergent views on the ‘Renewed Hope’ title. While some members supported the budget’s paradigm shift, others criticized it as incongruent with the current challenges.
As the National Assembly proceeds with budget defense sessions, the 10th House emphasizes a departure from business as usual, urging accountability from heads of Ministries, Departments, and Agencies in the budgetary process. The plenary is adjourned until December 12, 2023, with a focus on rigorous oversight and a commitment to swift and thorough deliberations.