There are indications that the National Assembly would pass the 2024 Appropriation Bill of N27.5tn on Tuesday, December 19.
The Senate and the House of Representatives had earlier on Friday passed the ‘Renewed Hope’ budget for second reading.
The Deputy Senate President, Jibrin Barau, hinted during the plenary that the budget might be passed by the lawmakers on December 19 before embarking on their Christmas and New Year break.
During deliberations on Friday, senators applauded President Bola Tinubu for his good intentions for the country, but some lamented the failure of the executive to provide the details of the budget.
The budget was passed for second reading and referred to the Committee on Appropriations after being put to a voice vote by Barau, who presided over the session.
“The budget is hereby referred to the Committee on Appropriations and the committee is mandated to submit the report to this chamber on December 19,” Barau stated.
The President had on Wednesday presented to a joint session of the National Assembly the budget, which he named, ‘Budget of Renewed Hope’.
Tinubu pegged the budget deficit for the 2024 fiscal year at N9.18tn.
He said the deficit would represent 3.88 per cent of the country’s total Gross Domestic Product.
Tinubu stated, “The N9.18tn deficit is lower than the N13.78tn deficit recorded in 2023, which represented 6.11 per cent of the GDP.
“The deficit will be financed by new borrowings totalling N7.83tn; N298.49bn from privatisation proceeds and N1.05tn drawdown on multilateral and bilateral loans secured for specific development projects.”
To fund the budget, he stated that fresh loans would be collected, while the government would also explore public-private partnership arrangements to finance critical infrastructure.
In his contributions, Senate Chief Whip, Ali Ndume (APC, Borno South), responded to the issue of borrowing, stating that it would be worthwhile when Nigerians began to see the developments the loans were being used for.
Ndume said, “The capital expenditure has now gone up, which is the first in the country. The deficit is also commendable.
“Once Nigerians see the reason why we are borrowing, it will be worthwhile. What we need to do is allow the President to give us a renewed hope.”
The Senate thereafter adopted the votes and proceedings of the presentation and adjourned the plenary till December 23.
The various committees within that window will meet with various Ministries, Departments and Agencies for their budget defence.
The Senate will reconvene on December 12 and consider and pass the budget on December 19.
