Why We Increased 2024 Budget Presented By Tinubu, House of Reps Reveals
- The Chairman, Committee on Appropriation, Hon. Abubakar Kabir Bichi, said the 2024 budget was increased because of promises from Government Owned Enterprises (GOEs)
- Bichi said the revenue-generating agencies vowed to increase their revenue in 2024 to support the budget.
- The federal lawmaker said the increment was allocated to the capital component rather than recurrent expenditure.
Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy
FCT, Abuja - The House of Representatives has explained the reason for increasing the 2024 budget from N27.50 trillion to N28.78 trillion.
The Chairman, Committee on Appropriation, Hon. Abubakar Kabir Bichi, said the lawmakers increased the 2024 budget presented by President Bola Ahmed Tinubu based on the promise from Government Owned Enterprises (GOEs) to increase their revenue generation in the 2024 fiscal year.
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As reported by The Nation, Bichi added that the lawmakers had meeting with revenue-generating agencies and they pledged a substantial revenue increase in 2024 to support the budget.
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“We had a meeting with the GOEs, we believe that their submissions are not enough. They have agreed to increase their revenue
“That is how we are able to get that 1.2 trillion which we applied to capital.”
Bichi further stated that the increment in the 2024 budget is allocated to the capital component rather than recurrent expenditure.
He said this is the first time that more money is allocated to capital than recurrent
“I believe this budget is brilliant and Nigerians will see a lot of impacts. This is the first time the capital (component) is bigger than recurrent.”
Senate Passes 2024 Budget
Legit.ng earlier reported that the Nigerian Senate passed the 2024 appropriation bill as proposed by President Tinubu.
The Red Chambers increased the budget size from N27.5 trillion to N28.7 trillion on Saturday, December 30.
The budget passed has N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure.
Tinubu’s budget lacks strategic plan to Improve Nigerians
The N27.5 trillion 2024 appropriation bill presented by President Tinubu was criticised for lacking a strategic plan to improve and impact the lives of Nigerians.
In a brief chat with Legit.ng, the chairman of the Board of Amnesty International, Nigeria, and executive director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, said the budget does not have the potency to curb the hardship of Nigerians who are already plunged into deplorable conditions worsened by the unplanned removal of petrol subsidies.
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Source: Legit.ng
