By Gloria Ogbonna
The National Assembly gears up to potentially pass the 2024 budget amounting to N27.5tn this Saturday as ministries, departments, and agencies (MDAs) of the Federal Government complete their defense sessions.
Chairman of the Senate Committee on Appropriation, Senator Adeola Solomon, shared in an interview with The PUNCH that the Senate will reconvene on Wednesday. He detailed the initiation of their secretariat, where Senate sub-committees are to submit their respective reports.
Senator Solomon expressed certainty in the timely submission of the Appropriation Committee's report on Thursday, signaling the anticipated passage of the budget by Saturday.
President Bola Tinubu presented the N27.5tn budget to the National Assembly on November 29, 2023. He highlighted a deficit of N9.18tn, equivalent to 3.88% of Nigeria's GDP, financing it through borrowings, privatisation proceeds, and loans.
Following the budget defense by approximately 541 MDAs, various committees have commenced submitting their reports. Instances of MDAs presenting their budgets before relevant committees were witnessed, emphasizing the active engagement in the process.
Amid concerns raised by Senator Adeola regarding committee reports' submission by the set deadline, he urged timely compliance to prevent independent allocation by the Appropriation Committee.
The expectation is to lay the Appropriation Committee's report before the Senate on Thursday, potentially culminating in the budget's passage on Saturday. The timeline reflects the urgency to meet the December 31, 2023 deadline for the budget's passage.
Senator Adeola hinted at potential adjustments but suggested that the budget's precise size would be clearer in due time.
Additionally, Senator Yemi Adaramodu revealed that committee reports are expected by Wednesday, with the possibility of the budget's presentation on Thursday, paving the way for the necessary processes leading to its passage.
The House of Representatives echoed optimism, aiming to complete the budget defense and meet the deadline. While addressing concerns about the budget cycle, House members stressed the importance of timely passage for effective planning and implementation.
Amidst these assurances, lawmakers emphasized the significance of promptly passing the 2024 budget to maintain the country's economic stability and operational planning in various sectors.
Members of the National Assembly expressed confidence in the institution's commitment to conclude the budget process efficiently within the specified timeframe, emphasizing the importance of timely execution and effective appropriation in fostering national development.
Source Punch
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