The Senate and the House of Representatives have passed the 2024 budget of N28.7 trillion.
The budget was passed on Saturday, December 30, 2023, following a voice vote by the Senate President, Godswill Akpabio.
The Senate had earlier increased the 2024 Appropriation Bill by N1.2 trillion, moving the budget from N27.5 trillion to N28.7 trillion.
President Bola Tinubu had, on November 29, presented N27.5 trillion before the joint session of the National Assembly.
The House of Representatives, on Saturday, also passed the sum of N28.7 trillion 2024 budget, following a report by the Chairman of the House Committee on Appropriation, Abubakar Bichi.
The House Speaker, Tajudeen Abbas, who read the breakdown of the report during plenary gave the National Judicial Council (NJC) the highest allocation of N341.626 billion under statutory transfer.
The breakdown of the N28.777 trillion approved budget showed that the sum of N1.743 trillion is for statutory transfers and N8.271 trillion is for debt servicing.
Senate increases 2024 budget to N28.7trn
The sum of N8.769 trillion is for recurrent (non-debt) expenditure, while N9.995 trillion is for capital expenditure for the year ending December 31, 2024.
The N9.179 trillion fiscal deficit for the year under review is to be financed through asset sales and privatization (N298,486,421,740); multilateral and bilateral project – N7,828,529,477,860.
The total debt service of N8.271 trillion was approved for the year 2024, while the sum of N5.300 trillion is to be incurred through domestic debts, including ways and means, and N2.748 trillion through foreign debts.
Also, the sinking fund for the retirement of maturing promissory notes stands at N223.662 billion.
The statutory transfer was followed by the Niger Delta Development Commission (NDDC) with N338.925 billion after the NJC.
The Universal Basic Education Commission (UBEC) got the sum of N263.044 billion; the North East Development Commission (NEDC) got N131.836 billion; and the Basic Healthcare Provision Fund (BHPF) got N131.522 billion.
The National Agency for Science and Engineering Infrastructure N131.522 billion; the Public Complaint Commission got N14.460 billion; and the National Human Rights Commission got N5 billion.
The sum of N78.624 billion is for the House of Representatives, while N49.145 billion is for the Senate.
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N36.727 billion is for the NASS Office; N30.807 billion for General Services; N20.388 billion for Legislative Aides; N15.189 billion for Service Wide Vote; and N15 billion for the National Assembly Hospital Project.
The sum of N12.326 billion is for the National Assembly Service Commission (NASC); N12.123 billion for the National Assembly Library Complex (take-off grant); and N10 billion for the ongoing construction of NASC headquarters.
Also, the sum of N9.008 billion was approved for the National Institute for Legislative and Democratic Studies (NILDS) and N4.500 billion for the completion of the ongoing NILDS building.
N4 billion was also approved for the National Assembly Recreation Centre, while N4 billion was approved for the design, construction, furnishing, and equipping of the NASS Budget and Research Office.
The sum of N3 billion was also approved for the procurement of books for the NASS Library, while N3 billion was approved for the Senate Car Park, and N3 billion for the House of Representatives Car Park.
The sum of N3 billion was approved for the upgrade of the NASS key infrastructure, and N3 billion was approved for the design, construction, furnishing, and equipping of the NASS ultramodern printing press, among others.
From the total sum of N8.7 trillion approved for recurrent (non-debt) expenditure, the Ministry of Defence got the highest allocation of N1.308 trillion.
This was followed by the Ministry of Police Affairs with N869.121 billion, the Ministry of Education with N857.134 billion, and the Ministry of Health and Social Welfare with N667.577 billion.
The Ministry of Interior got N362.552 billion, the Ministry of Youth got N201.467 billion, and the National Security Adviser (NSA) got N199.763 billion.
The Ministry of Foreign Affairs got N140.456 billion, while the Ministry of Agriculture and Food Security got N110.248 billion.
The Secretary to the Government of the Federation (SGF) got N100.248 billion, while the Presidency got the sum of N97.913 billion.
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