The National Assembly, NASS, yesterday, passed the N28,777,404,073,861 2024 Appropriation Bill as the aggregate expenditure for the 2024 fiscal year.
The fiscal plan increased by N1.2 trillion from the initial N27.5 trillion to N28,777 trillion.
There was also an increase in the exchange rate from N750 to N800 per dollar while the 1.78mbpd daily oil production, US$77.96 oil benchmark price and GDP growth rate of 3.88 percent were approved as proposed by the executive arm of government.
President Bola Tinubu had presented before the NASS a total aggregate expenditure of N27.5 trillion to a joint session of the Senate and House of Representatives.
Breakdown
The breakdown of the N28.777 trillion budget showed
Statutory Transfers,N1.743 trillion.
Debt Service, N8.271 trillion.
Recurrent (Non-Debt) Expenditure ,N8.769 trillion,
Capital Expenditure, N9.995 trillion.
fiscal deficit , N9.179 trillion.
is to be financed through Asset sales/privatisation – N298,486,421,740; Multilateral/Bilateral Project -Tied Loans,N1,051,914,486,314 and Debt Financing, N7,828,529,477,860.
Debt Service of N8.271 trillion approved for the year 2024, the sum of N5.300 trillion is to be incurred through Domestic Debts including Ways and Means, N2.748 trillion through Foreign Debts while the Sinking Fund for the retirement of maturing Promissory Notes stands at N223.662 billion.
Universal Basic Education Commission (UBEC,
Basic Healthcare Provision Fund (BHPF), N131.522 billion.
Public Complaint Commission (PPC), N14.460 billion.
National Human Rights Commission (NHRC), N5 billion.
A breakdown of the NASS budget showed that the House of Representatives N78.624 billion
Senate, N49.145 billion
National Assembly Office, N36.727 billion
General Services, N30.807 billion.
Legislative Aides, N20.388 billion
Service Wide Vote, N15.189 billion.
National Assembly Service Commission (NASC), N12.326 billion.
National Assembly Library Complex (Take-off Grant),
N12.123 billion.
Ongoing construction of NASC headquarters,
N10 billion.
National Institute for Legislative and Democratic Studies , N9.008 billion.
completion of ongoing NILDS buildings, N4.500 billion .
National Assembly Recreation Centre,
N4 billion.
Design, construction, furnishing and equipping of NASS Budget & Research Office (NABRO),
N4 billion.
NASS Library, N3 billion for procurement of books .
Senate Car Park,N3 billion .
House of Representatives Car Park, N3 billion.
Upgrade of NASS key infrastructure, N3 billion.
Design, construction, furnishing and equipping of NASS ultramodern printing press,
N3 billion.
Furnishing of Committee meeting rooms & others offices within Senate building, N2.700 billion.
N3 billion for furnishing of Committee meeting rooms for House of Representatives Part I & II), N2.500 billion for NASS Pension Board (Take-off Grant), N1.230 billion for Office of Retired Clerks & Permanent Secretaries, N1 billion for Constitution Review, N130 million for Public Accounts Committee (Senate), N150 million for Public Accounts Committee (House), N200 million for Senate Appropriation Committee and N200 million for House of Representatives’ Appropriation Committee, respectively.
Defence, Agric
From the total sum of N50.451 trillion approved for Recurrent (Non-Debt) Expenditure, Ministry of Defence got the highest allocation of N1.308 trillion, followed by Ministry of Police Affairs, N869.121 billion, Ministry of Education, N857.134 billion, Ministry of Health & Social Welfare, N667.577 billion, Ministry of Interior, N362.552 billion, Ministry of Youth, N201.467 billion, National Security Adviser (NSA),N199.763 billion, Ministry of Foreign Affairs , N140.456 billion, Ministry of Agriculture & Food Security, N110.248 billion, Secretary to the Government of the Federation (SGF), N100.248 billion and Presidency, N97.913 billion.
NDDC’s budget is 338billion ,
North East development Commission 131 billion,
NJC 341 billion ,
, National Agency for Science and Engineering infrastructure 131 billion ,
The National Assembly hospital 15billion,