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Senate passes 2024 Budget, raises it to N28.77 trillion
The senate on Saturday passed the 2024 budget, increasing it to N28.77 trillion.
While President Bola Ahmed Tinubu had in November presented N27.5 trillion proposed budget for 2024 to the joint session of the National Assembly, the National Assembly on Saturday passed a budget of N28.77 trillion.
The National Assembly increased the budget presented by President Tinubu by N1.2 trillion.
Against speculations in some quarters, the National Assembly disclosed that President Tinubu will sign the budget on Sunday.
Addresing newsmen shortly after the passage, the Chairman, Senate Committee on Appropriation, Solomon Adeola Olamilekan said that the 10th National Assembly would still maintain the January-December budget circle, adding that Mr. President can sign the budget anywhere in the country.
Explaining the reason behind the increasment, the Senate said the difference arose from additional request for some agencies after the initial proposals by the President.
Olamilekan said: “Through the closely and harmonious appropriation process, the Executive forwarded request for additional funding and some items of expenditure to the Committee which were not included in the Bill as submitted by the President. In order to accommodate the requests, the following adjustments have been made on the Bill:
* Foreign Exchange differential
*GOE’s Revenue Increased
*GOE’s Personnel reduction
*Service Wide Vote (Wage adjustment)
*Reduction from Service Wide.”
While the Senate also raised the exchange rate assumption from N750/USD to N800/USD, it adopted the oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day.
The budget deficit remained N9.18 trillion just as assumption on GDP growth rate remained 3.88 per cent.
The budget as passed include aggregate expenditure of 28.777,404,073,861 trillion, statutory transfers of N1,742,786,788,150, and capital expenditure of N9,995,143,298,028.
The sum of N9,178,930,385,914 is voted for aggregate financing items which include, the sum of N7,828,529,477,860 trillion for Debt financing. Asset sale/privatisation is N298,486,421,740 billion. Multilateral/bilateral project-tied loans is N1,051,914,486,314 trillion.
The Senate, however, noted that “the 2024 Appropriation Bill was presented to the National Assembly late, adding that “this is against the Fiscal Responsibility Act which requires the Bill be presented not later than three (3) months before the next financial year, which puts intense pressure on the processing of the Bill.”
It recommended that to ensure thorough scrutiny of budget proposal, the executives should henceforth comply with the provisions of the Fiscal Responsibility Act.
The senate asked that the Executive should ensure compliance with the provisions of relevant/extant laws as it concerns GOES
It also stated that agencies removed from FGN budget should step up their revenue generation, fund itself and remit more to the Consolidated Revenue Fund.
Olamilekan, while addressing newsmen also said that the lateness of the presentation of the budget is the reason for the fire brigade approach, adding, “the President will sign the budget before 1st January.
“There is no law that prevent the President from signing the budget on Sunday. And it can be signed from anywhere.”
He explained that they involved the executive on every stage, adding that a lot of work went into it before it was passed.
“For the President to sign, everybody was aware that we have no choice if we must maintain the January to December calendar. So, we harmonized it with the House of Representatives. This assisted us in quick collection of the report and the eventual passage,” he said.
Justifying the increase of the budget by N1.2 trillion, Olamilekan said, “what necessitate our actions is the removal of the fuel subsidy and the exchange rates, which Nigerians are paying dearly for it.
“The increase in the exchange rate, is behind the increase in the budget. Area of oil prices and bench mark is also another reason why the budget was increased and not any ulterior motive.
“Also, NCC, NPA, NIMAS were agencies affected by exchange rate which made us to increase the budget by N177 billion. If all is added, it’s amount to N1.2 trillion, which is the reason the budget has been jerked up.
“Water resources and the school feeding funds also cause us to add N100billion to the school feeding Programme. This was done so that the budget will meet the yearning of Nigerians.”
News
Senator Natasha Urges Collective Action After Kogi Boat Tragedy Devastates Local Traders
The senator representing Kogi Central in the National Assembly, Natasha Akpoti-Uduaghan has called for urgent support following the tragic boat mishap in Kogi State that claimed the lives of several women, petty traders, and artisans.
The accident occurred along the Dambo-Ebuchi section of the River Niger, as the victims traveled to the Katcha weekly market in Niger State.
Expressing deep sorrow, Akpoti-Uduaghan described the victims as the backbone of the local economy.
“Their untimely deaths leave a profound void in their families and the wider society,” she said.
Chief Press Secretary to the senator, Arogbonlo Israel in a statement on Monday, quoted her to have emphasized the need for government intervention, private sector involvement, and philanthropic support to assist grieving families.
“These hardworking individuals played a vital role in sustaining our communities. I urge the government and all concerned Nigerians to come together to provide the necessary assistance,” she added.
The Senator’s plea highlighted the importance of unity and collective action in the face of tragedy, as the region mourns the loss of those whose dedication fueled local commerce.
News
Tinubu: Fuel Subsidy Era Was a ‘Fake Good Life’ for Nigerians
President Bola Tinubu has described the era of fuel subsidies in Nigeria as a “fake good life” that masked the country’s looming economic crisis.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA) in Ondo State, Tinubu emphasized that removing the subsidy was a necessary step to safeguard Nigeria’s future.
Represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, SAN, the President explained that both the removal of the petrol subsidy and the unification of exchange rates were strategic moves to avert economic disaster.
“As you know, we inherited an economy burdened by heavy debts due to fuel and dollar subsidies,” Tinubu said. “These subsidies, meant to help the poor, ended up enriching the wealthy while the nation’s economy spiraled downward. The good life we thought we had was a false one that could have led to collapse.”
He noted that the economic policies implemented by his administration were already showing positive results. Tinubu stressed that Nigeria’s economic framework is shifting from consumption to production and assured citizens that recovery is underway.
“There is light at the end of the tunnel,” he said. “These challenges require patriotism, but brighter days are coming. After the rain, there will be sunshine.”
The President also expressed concern over the rising emigration of Nigerian youths, emphasizing the detrimental impact of brain drain on the country. “Our highly trained intellectuals and professionals are leaving when their expertise is most needed. Leaving is not the solution. We were made Nigerians for a reason, and we have the wisdom to rebuild our nation,” Tinubu stated.
In her address, FUTA Vice Chancellor, Professor Adenike Oladiji, announced that 6,405 students graduated from the institution across nine schools in the combined 2022/2023 and 2023/2024 academic sessions. She noted that 519 students earned First Class honours, with 3,408 receiving Second Class Upper degrees.
“Our mission is to provide quality education, impactful research, and innovative solutions for societal development,” Oladiji said, highlighting FUTA’s contributions to national progress.
News
‘I Had No Idea You Secretly Pleaded for My Life During Abacha’s Regime’
Former President Olusegun Obasanjo has expressed surprise and deep appreciation to former Head of State, General Yakubu Gowon (rtd.), for secretly pleading with the late General Sani Abacha to spare his life during the 1995 coup trial.
Speaking at the Plateau Interdenominational Unity Christmas Carols and Praise Festival in Jos, Gowon revealed how he sent a personal letter to Abacha through his wife, urging the dictator to show mercy to Obasanjo, who had been sentenced to death for allegedly plotting a coup.
“I felt so bad about it,” Gowon said. “I wrote to Abacha, reminding him that God made him a leader to do good, not harm. I asked him to reconsider, and I sent the letter through my wife to Abuja in the middle of the night.” Gowon expressed gratitude that Obasanjo was not only released in 1998 after Abacha’s death but also went on to become Nigeria’s president in 1999.
Reacting the following day, Obasanjo admitted he had been unaware of Gowon’s intervention.
“I want to acknowledge my boss, General Yakubu Gowon. Yesterday, he made a revelation I had never heard before,” Obasanjo said. “When I came out of prison, I went around thanking those who appealed for my release, but I didn’t know you wrote a personal letter. Thank you for that.”
Obasanjo also praised Plateau State Governor Caleb Mutfwang for his peace and development initiatives, encouraging him to continue his efforts for the state’s progress.
The gesture is particularly remarkable given that Obasanjo and the late Murtala Mohammed had overthrown Gowon’s government in a coup in 1975, underscoring the depth of Gowon’s statesmanship and forgiveness.
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