Breaking News: Federal Government Contemplates Sending 2024 Budget Back To National Assembly For Reassessment

The Federal Government has indicated its contemplation of revising the 2024 Appropriation Bill, potentially increasing its size to N27.5 trillion if there is a boost in revenue. Wale Edun, the Minister of Finance and Coordinating Minister of Economy, conveyed this message during his appearance before the Senate Committee on Finance in Abuja. Led by Senator Sani Musa, the committee was informed that the positive economic developments could prompt a return to the National Assembly for additional appropriation in the event of increased revenue………CONTINUE READING 

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Edun highlighted the encouraging revenue performance and its expected continuation. He disclosed the existence of a fiscal policy and tax reform committee actively working towards significant changes, including digitalization and enhanced efficiency in revenue collection. Emphasizing the importance of revenue-to-debt ratios in budget augmentation, Edun stated, “If we have a solid revenue performance, we will come back, and I’m sure Mr. President will authorize the process to return to the National Assembly to appropriate extra revenue. That is a situation we are all looking forward to.”

The 2024 Appropriation Bill, with a total aggregate expenditure of N27.5 trillion, had been presented earlier by President Tinubu to the National Assembly. The President outlined the administration’s commitment to adopting the “revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP)” as parameters for the budget. Additionally, plans were announced to achieve a minimum economic growth of 3.76%, surpassing the projected world average.

President Tinubu, while presenting the bill titled “Budget of Renewed Hope,” pledged to overhaul the nation’s internal security architecture to bolster law enforcement capabilities for the protection of lives, property, and investments nationwide.

Edun further addressed the budget performance, noting that as of the third quarter of the year, expenditures were 32% below the budget estimate, while revenue showed a 5% increase. Efforts were underway to expedite the procurement process and boost capital spending in the 2024 budget. He explained, “Efforts have been made to raise tax revenue as a percentage of GDP from its relatively low figure of under 10 per cent, doubling now within 2 or 3 years to 18 per cent which is more than the African average, so that the government has enough money to spend, which it does not at the moment.

Source: Bushradiogist