The 2024 budget proposal is expected to be passed by December 30, 2023, according to Speaker of the House of Representatives Tajudeen Abbas.
During the Tuesday plenary session, Abbas made this statement on the Green Chamber floor.
The Chairmen of the Committees were informed by him that the Appropriations Committee had instructed them to draft reports detailing the budget defence by the various ministries, departments, and agencies, and to submit them by Tuesday at the latest, at 8 p.m.
“I want to inform you that the official day for the passage of the budget would be slated for Saturday, December 30, 2023,” the Speaker remarked, welcoming his colleagues to the return of plenary after a two-week hiatus to allow the various committees to examine the 2024 Appropriations Bill. All other tasks, such as bill harmonisation, compilation, and processing, will happen in between. Those of you who might like to travel for Christmas, please be advised that Saturday, December 30th, is the day on which the 2024 budget will be formally passed.
“This is an appeal to all committees that are unable to finish their budget defence and submit their reports,” he said, pleading with the various committees to wrap up their work on the budget defence by no later than Tuesday. Today, Tuesday, they have until 8 p.m. to complete and perhaps turn in their reports for defence at the Appropriations Committee office.
On Tuesday, however, the House decided to look into the holes that prevent the country’s ports and harbours from fully reaping their economic benefits.
This came after a motion that Julius Ihonvbere, the House Leader, and Ibrahim Isiaka co-sponsored was adopted.
With underutilised seaports that could boost the country’s revenue and Gross Domestic Product, the House recognised that the maritime sector was vital to Nigeria’s economic survival, according to Ihonvbere, who led the debate on the motion titled “Need to investigate gaps and loss of opportunities in the maritime sector.”
Out of the 60% of imports intended for Nigeria, the House observes that only 10% of them reach Nigeria’s seaports; this represents a huge economic loss resulting from ineffective management and inefficiencies, which is expected to cost the country $7 billion a year.
The majority of ships carrying products to Nigeria choose to dock at foreign ports rather than Nigerian ones, which worries the House. While Cotonou continues to be a well-liked haven for importers, Benin Republic gains from Nigeria’s sizable market. However, due to inadequate shipping connectivity and shallow drafts in the port channels, massive trade cargoes are lost to Togo and other neighbouring countries, where they are then offloaded and transshipped to Nigeria. These losses are estimated to have totaled N250 billion in 2016 alone.
The House is concerned about the country’s inability to provide sufficient infrastructure, ease the burden on the ports in Lagos, and enable the ports of Calabar, Port Harcourt, Warri, and Koko to become safe havens for importers in the area. Concerning the expanding cargo and maritime industry, we are particularly concerned about the serious problem of inadequate infrastructure and capacity.
The House, upon passing the motion, directed its Committees on Nigerian Shippers’ Council, Maritime Safety Education and Administration, National Planning and Economic Development, and Ports and Harbours “to investigate the gap affecting the full realisation of the economic advantage of Ports and Harbours and other Blue Economy in Nigeria.”
