To maintain the January-December budget cycle, President Bola Tinubu has asked the National Assembly to approve the 2024 budget by December 31st.
MR. TINUBU’S SPEECH, GIVEN ON WEDNESDAY DURING THE NATIONAL ASSEMBLY’S JOINT SESSION, CONTAINED THIS INFORMATION ABOUT THE 2024 MONEY BILL.
A budget of N27.5 trillion was previously presented by the President to the lawmakers.
The President urged the legislature to conclude the budget with “reasonable dispatch” while requesting that they be thorough.
“I AM CONFIDENT THAT THE NATIONAL ASSEMBLY WILL CONTINUE TO WORK CLOSELY WITH US TO ENSURE THAT DELIBERATIONS ON THE 2024 BUDGET ARE THOROUGH BUT ALSO CONCLUDED WITH REASONABLE DISPATCH,” MR. TINUBU SAID, ADDING THAT “OUR GOAL IS FOR THE APPROPRIATION ACT TO COME INTO EFFECT ON THE 1ST OF JANUARY 2024.”
President Muhammadu Buhari’s previous administration introduced the January-December budget cycle.
Although the National Assembly passed the N2.1 trillion supplemental budget earlier this month in three days, it is uncertain how it can pass the main budget in less than a month.
IN RESPOND TO THE PRESIDENT’S REQUEST, HOUSE SPEAKER ABBAS TAJUDEEN SAID THE APPROPRIATE MDAS SHOULD WORK WITH THE NATIONAL ASSEMBLY FOR SPEEDY PASSAGE OF THE BUDGET.
“MR. PRESIDENT, LET ME, ON BEHALF OF MY COLLEAGUES IN THE NATIONAL ASSEMBLY, ASSURE YOU THAT WE WILL GIVE THIS BILL THE UTMOST PRIORITY IT DESERVES.
“WHILE WE WOULD GIVE IT ACCELERATED CONSIDERATION, WE WILL DILIGENTLY SCRUTINISE IT ALONGSIDE NIGERIANS TO ENSURE THAT WHEN IT IS PASSED, IT WILL BE A BUDGET THAT BEST ADDRESSES THE MOST CRITICAL NEEDS OF OUR PEOPLE.
“WE SHALL THOROUGHLY EXAMINE VARIOUS ASPECTS OF THE BUDGET PROPOSALS, INCLUDING ECONOMIC FEASIBILITY, ALLOCATION AND UTILISATION OF FUNDS, AND SUSTAINABILITY OF PROPOSED FISCAL POLICIES.
“THIS IS ESSENTIAL FOR MAINTAINING CHECKS AND BALANCES AND ENSURING THAT GOVERNMENT SPENDING ALIGNS WITH NATIONAL PRIORITIES AND IS CONDUCTED TRANSPARENTLY AND EFFICIENTLY. THEREFORE, I URGE ALL STAKEHOLDERS TO APPROACH THE DELIBERATIONS ON THIS BUDGET WITH A SENSE OF PURPOSE AND COMMITMENT TO NATIONAL DEVELOPMENT,” THE SPEAKER SAID.
Mr. Tajueven emphasized that the House will move on with the budget hearings at town hall.
