The Nigerian House of Representatives has passed a bill to increase the 2024 Appropriation from N28.7 trillion to N35.055 trillion. This significant budget expansion was approved during a third reading at the Committee of Supply, following recommendations from the House Committee on Appropriation.
The N35,055,536,770,218 budget for the 2024 fiscal year is allocated across various sectors. Statutory Transfers account for N1,742,786,788,150, while Debt Service is allocated N8,270,960,606,831. Recurrent Expenditure stands at N11,268,513,380,853, and Capital Expenditure is set at N13,773,275,994,384.
Hon. Abubakar Bichi, presenting the harmonized joint Senate and House report, emphasized the budget’s focus on critical infrastructure projects. These include the Lagos-Calabar road project covering 9 states and spanning 700 kilometers, the Sokoto-Badagry road project spanning 6-7 states and covering 1,000 kilometers, and the Ebonyi to Abuja Trans-Saharan section, a 400-kilometer road project. Additionally, rail lines from Abuja, Katsina, Kaduna to Kano, and from Katsina to Maradi are also planned.
Bichi assured that the Parliament would ensure full implementation of the budget, citing engagements with relevant ministries and agencies. He stated, “They promised that as long as we pass this budget, the implementation will be fully 100%.”
Addressing concerns about the N3 trillion allocation for the new national minimum wage, Bichi confirmed its adequacy based on calculations and data from the Accountant General’s office.
This budget increase reflects the government’s commitment to infrastructure development and economic growth. As Nigeria moves forward with these ambitious plans, the focus will be on effective implementation and monitoring of these key projects to ensure they deliver the intended benefits to the nation.
Source: vanguardngr.com
