The National Assembly hinted at the passing of the 2024 Appropriation Bill amounting to N27.5tn on December 19, sparking heated debates and concerns over the lack of crucial details in the proposed budget.
Earlier in the day, both the Senate and the House of Representatives swiftly moved the 'Renewed Hope' budget to the next stage after the second reading. Deputy Senate President Jibrin Barau suggested a potential December 19 vote before the legislative recess for Christmas and New Year.
While senators applauded President Bola Tinubu's intentions for the country, frustrations mounted during deliberations over the executive's failure to provide comprehensive budget details. The bill proceeded to the Committee on Appropriations for further scrutiny after a voice vote led by Barau.
President Tinubu had presented the budget as the 'Budget of Renewed Hope,' outlining a deficit of N9.18tn, representing 3.88% of the GDP. The financing plan includes new borrowings, privatisation proceeds, and drawdowns on multilateral and bilateral loans.
During the session, concerns were raised over rising debt servicing and unemployment, with senators emphasizing the need to address the skills gap among the youth. The debate also touched on the allocation for sectors like education and health, prompting calls for adjustments to meet international benchmarks.
As the National Assembly inches closer to the decisive vote on December 19, the intricate details of the budget and the diverse concerns of lawmakers set the stage for a complex legislative process, reflecting the challenges and aspirations of a nation grappling with economic intricacies and social imperatives
