The House of Representatives approved the N27.5 trillion 2024 budget, which President Bola Tinubu had proposed on Wednesday, for a second reading on Thursday.
The leader of the House, Julius Ihonvbere, led the discussion on the general principles of budgeting and stated that if adopted, national security and education—two areas heavily funded in the budget—would improve.
“Nigeria will be more secure with the allocation to defense and security,” he claims.
“As a teacher, I find the emphasis on fundamental education to be impressive. This time, I’m confident, education will do better,” he remarked.
President Bola Tinubu had earlier on Wednesday disclosed that the next fiscal year’s economic growth was to be aimed for by his administration at 3.76%.
This was said by Tinubu during the presentation of his N27.5 trillion 2024 budget plan to the 10th National Assembly’s joint session in Abuja. This was Tinubu’s first presentation since taking office precisely six months prior.
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The medium-term expenditure framework and this budget both place a strong emphasis on Nigeria’s commitment to a greener future.We anticipate that the economy will expand by at least 3.76 percent, faster than the projected global average. According to Tinubu, inflation will drop to 21.4 percent in 2024.
He also urged on the parliamentarians to expedite the appropriations bill’s adoption, vowing to uphold the January-December implementation schedule established by Muhammadu Buhari’s previous administration.
The President declared, “Our objective is to guarantee that the Approvation Act takes effect on January 1, 2024.”
