The Digest:
President Bola Tinubu has formally requested the House of Representatives to repeal and reenact the N43.561 trillion 2024 budget, a move intended to end the controversial practice of running multiple budgets concurrently. The proposed legislation seeks to consolidate expenditures and strengthen fiscal discipline through stricter implementation and accountability measures.
Key Points:
- President Tinubu’s request was detailed in a letter to Speaker Abbas Tajudeen dated December 16.
- The bill authorizes spending from the Consolidated Revenue Fund totaling N43.561 trillion.
- It allocates funds for statutory transfers, debt service, recurrent expenditure, and capital expenditure.
- The primary goal is to halt the practice of operating several budgets at once.
- The bill introduces stricter controls on fund releases and requires National Assembly approval for any virement (reallocation).
- It mandates due-process compliance and periodic reporting on revenue and releases.
- The bill was referred to the House Committee on Appropriations for further legislative action.
Sources: Nigerian Tribune, Vanguard
