TheCable

The house of representatives committee on appropriations says it will fast-track work on the 2024 budget when transmitted to the national assembly by President Bola Tinubu.

Abubakar Bichi, chairman of the committee, spoke on Tuesday at the national assembly in Abuja.

Nigeria’s budget cycle, between 2016 and 2018, was bogged down by controversy owing to the late signing into law of the appropriation bills.

Former President Muhammadu Buhari presented the 2017 budget to the national assembly in November of that year, but it was not passed until June 2018.

However, from 2019 to 2022, the legislative arm and the executive were able to maintain the January-December budget cycle.

Bichi said the parliament will ensure that the 2024 budget is passed before the end of December to ensure that the cycle is sustained.

“It is significant to note that the appropriations committee stands as one of the most prominent committees that champion the course of law-making through appropriations of funds to run the affairs of government by ministries, departments and agencies (MDAs) of the federal government,” he said.

“This makes the committee enjoy a wider jurisdiction in comparison with other standing committees.

“The committee will ensure the sustenance of the long-established and cherished precedent of ensuring compliance with the Financial Year Act through budget passage on or before 31 December of each financial year.

“This development will no doubt make the budget implementation from January to December operational and achievable.”

The lawmaker said the committee would closely carry out its oversight function on ministries, departments and agencies (MDAs) to ensure that the funds appropriated for them are effectively utilised.

THE 2024 BUDGET PROPOSAL

On Monday, the federal government proposed N26 trillion for the 2024 budget.

Atiku Bagudu, minister of planning and budget, who made the announcement at the end of the federal executive council (FEC) meeting, said the appropriation bill would be submitted to the national assembly before December 31.

The FEC also approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP), with the price assumption for crude oil at $73.96 per barrel as well as an exchange rate of N700.