JUST IN: Senate Misses Saturday Deadline For Budget Approval

The Senate has postponed the approval of President Bola Tinubu’s 2024 budget proposal, titled ‘Renewed Hope.’ Initially scheduled for passage on Saturday, December 23, 2023, the Appropriation Committee faced challenges as several committees failed to meet the Wednesday deadline set in the timetable…..CONTINUE READING

As of 11:45 pm on Wednesday, Senator Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, reported that 48 committees had undergone budget defense, with 20 more expected by the following day. Senator Adeola emphasized that those unable to present their reports by the stipulated time would be deemed negligent.

President Bola Tinubu had presented a budget of N27.5tn to the National Assembly on November 29, 2023. The budget highlighted a deficit of N9.18tn, constituting 3.88% of Nigeria’s GDP, a decrease from the 2023 deficit. Tinubu outlined financing measures, including new borrowings, privatisation proceeds, and drawdown on multilateral and bilateral loans.

On December 1, 2023, the Senate passed the N27.5tn budget for a second reading. While 54 committees have submitted and defended their reports, 11 committees have submitted but not defended their budgets. Notably, the Senate Committee on Defence and the Senate Committee on Poverty Alleviation and Social Welfare were yet to submit their reports.

The Senate, acknowledging the incomplete proceedings, adjourned the plenary till December 29th, 2023. Deputy Senate President Jibrin Barau urged committees to promptly submit their reports to the Appropriation Committee before the resumption of plenary.

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Source; Bushradiogist