The National Assembly (NASS) is expected to expedite the adoption of the N27.5 trillion 2024 Appropriations Bill, possibly clearing it by December 19, 2023, according to a reports.
As soon as President Bola Ahmed Tinubu submitted the bill to the assembly, it was quickly tabled for review and given the moniker “Budget of Renewed Hope.”
First reading of the bill was followed immediately by talks for its second reading in the Senate, indicating a hurried pace.
The core ideas of the budget were promptly and evenly debated in the House of Representatives.
Key elements of the proposed budget were revealed by Senate Leader Bamidele Opeyemi, including an expected daily oil production of 1.78 million barrels and an oil price benchmark of $77.96 per barrel.
The budget also projects an exchange rate of N750 to the US dollar.
He said that the amount of money that the federal government could receive in 2024 was roughly N16.87 trillion, while the amount that the government could distribute was N11.09 trillion. This income adds N9.73 trillion to the total budget that is accessible.
A variety of revenue streams are included in the analysis, including independent revenues, non-oil taxes, and oil.
Statutory transfers, ongoing expenses, payroll, benefits, pensions, gratuities, overhead, capital expenditures, debt payment, and sinking funds are all included in the proposed allocation.