The House of Representatives has approved the N27.5 trillion 2024 budget for the second reading. The bill garnered support from members during Thursday’s session.
Finance and Planning Ministers Defend Nigeria’s 2024 Budget, Emphasize Fiscal Responsibility
House Leader, Julius Ihonvbere, led the debate on the general principles of the budget, expressing commendation for President Bola Tinubu’s vision.
Emphasizing the allocation to national security and education, Ihonvbere highlighted the potential for enhancement in these critical areas if the budget is implemented effectively.
He said,
“Nigeria will be more secure with the allocation to defence and security.
“As a teacher, I am impressed by the emphasis on basic education. I am sure that education will be better off this time.”
President Tinubu, presenting the budget to the National Assembly on Wednesday, outlined key objectives, including ensuring micro-economic stability, poverty reduction, and increased access to social security.
The proposed budget allocates funds strategically across priority areas such as security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.
The budget breakdown features recurrent non-debt expenditure at N9.92 trillion, capital expenditure at N8.73 trillion, debt service at N8.25 trillion, revenue at N18.32 trillion, new borrowings at N7.83 trillion, and a deficit projected at N9.18 trillion.
