Thursday, April 18, 2024

Budget: Senate Gets N49bn, House N78.6bn Allocations

The House of Representatives on Saturday approved a total of N28.78 trillion in expenditure for the 2024 fiscal year which is N1.2 trillion more than the N27.5 trillion budgetary proposal presented to the joint session of the Senate and House of Representatives by President Bola Tinubu.

A breakdown of the approved sum showed that a total of N1.74 trillion is for statutory transfers, N8.27 trillion for debt service, N8.78 trillion for recurrent (non-debt) expenditure, and N10 trillion is for capital expenditure for the year ending December 31, 2024.

In the approved appropriation bill, the Senate, made up of 109 members (three each from the 36 states of the federation and one from the Federal Capital Territory) was allocated the sum of N49.14bn while the lower chamber made up of 360 members got a total allocation of N78.62bn. N’Assembly Raises Budget to N28.77tn, Passed Bill

The National Assembly Service Commission, a body charged with the bureaucracy of the federal parliament, got a total allocation of N12.33 billion.

Also in the approved budget, remuneration and other logistics for legislative aides will cost the nation N20.39 billion.

In what appears to be a demonstration of official eagerness to enhance the capacity of the National Institute for Legislative and Democracy Studies, the institute was allocated the sum of N9.01 billion.

The Public Accounts Committees of the Senate and House of Representatives got the sum of N130 billon and N150 billion, respectively.

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