The Chairman of the House Committee on Appropriations, Abubakar Kabir Abubakar (APC, Kano), has explained that the decision to increase the 2024 budget by N1.2 trillion was due to rising inflation and the commitment of Government Owned Enterprises (GOEs) to boost their revenue to N700 billion.
Speaking during the presentation of the Appropriation Bill at the Special Plenary on Saturday, Abubakar explained that after careful consideration, they found the executive’s proposed exchange rate of N750 to the dollar unrealistic. Consequently, they adjusted it to N800.
Additionally, discussions with GOEs revealed that their initial revenue submission was insufficient, but they agreed to enhance it. This collaborative effort contributed to the N1.2 trillion increase, which was allocated to capital expenditures.
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“This is the first time the capital is bigger than recurrent. We appropriate about N850 billion to education, we gave them a lot of money. I believe this budget is brilliant and Nigerians will see a lot of impacts”. He said.
A breakdown of the passed Appropriation Bill indicates allocations of N1,742,786,788,150 for statutory transfers, N8,270,960,606,831 for debt servicing, N8,768,513,380,852 for recurrent (non-debt) expenditure, and N9,995,143,298,028 for capital expenditure in the development fund. #Budget