Reps pass N27.5trn 2024 budget for second reading

The N27.5 trillion 2024 budget presented by President Bola Tinubu on Wednesday was on Thursday passed by the House of Representatives for second reading.

House Leader Julius Ihonvbere, who led the discussion on the overall budgetary principles, said that national security and education, which received large funding in the budget would improve if implemented.

According to him, “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,” he said.

Earlier on Wednesday, President Bola Tinubu revealed that his administration was targeting a 3.76 per cent economic growth in the next fiscal year. ⁣

Tinubu said this when he presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago.⁣

“A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future…We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024,” Tinubu had said. ⁣

He also vowed to maintain the January-December implementation cycle laid down by the immediate past administration of Muhammadu Buhari, hence called in the lawmakers to give speedy passage to the appropriation bill.

“Our goal is to ensure that the Approbation Act comes into effect on January 1, 2024,” the President said.