The 2024 appropriation bill has successfully passed its second reading in the House of Representatives following a two-day debate.
During discussions, some lawmakers expressed apprehension regarding the government’s strategy to generate revenue through heavy taxation, citing potential adverse effects on importers.
Additionally, concerns were raised about the feasibility of the proposed target of 1.7 million barrels per day of crude production.
The committees responsible for Bill oversight now have a two-week window to conclude the budget defense process.
Bola Ahmed Tinubu had presented the 2024 budget proposal to the lawmakers on Wednesday during a joint session of the National Assembly in Abuja.
Addressing the assembly, Tinubu urged both arms of the legislative branch to diligently work on the budget, emphasizing the need for thorough deliberations and “conclude with reasonable dispatch.”
The 2024 budget, named the ‘Budget of Renewed Hope,’ outlines a total estimate of N27.5 trillion.
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Tinubu expressed confidence in the collaboration between the Executive and the National Assembly, stating, “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. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.”
He highlighted theBill focus on achieving macroeconomic stability, reducing poverty, and enhancing access to social security, among other objectives.