House of Reps Amends 2024 Budget, Increases by N1.2 Trillion

In a significant turn of events, the House of Representatives convened a special session on Saturday, December 30, to deliberate on President Bola Tinubu’s proposed 2024 budget. The outcome? A substantial increase of approximately N1.2 trillion, propelling the initially proposed N27.5 trillion budget to a revised estimate of about N28.77 trillion.

The pivotal report, crucial to this amendment, was presented during the plenary by Hon. Abubakar Kabir Bichi, Chairman of the House Committee on Appropriation. The revised breakdown of expenditure is noteworthy:

• Recurrent (Non-Debt) Expenditure: N8,768,513,380,852
• Capital Projects: N9,995,143,298,028

The alterations made by the House mark a notable shift from the original proposal. Specifically, the capital budget, initially outlined at N8.7 trillion by President Tinubu, underwent a significant boost to N9.995 trillion. Conversely, the recurrent budget experienced a reduction from N9.92 trillion to N8.76 trillion.

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Key allocations within the revised budget structure include N8.270 trillion for debt servicing and N1.742 trillion for statutory transfers.

This amended budget suggests a reevaluation of fiscal priorities, emphasizing an intensified focus on capital projects while readjusting recurrent expenditure. The House’s decision reflects a nuanced reconfiguration within the proposed budget’s financial allocation.