Members of the National Assembly have raised concerns over the lack of details for deliberations for the 2024 Appropriation Bill of N27.5tn.
The Senate and the House of Representatives had earlier on Friday passed the ‘Renewed Hope’ budget for second reading.
Recall that the President had on Wednesday presented to a joint session of the National Assembly the budget, which he named, ‘Budget of Renewed Hope’.
Tinubu set the budget deficit for the 2024 fiscal year at N9.18 trillion, accounting for 3.88 percent of the nation’s overall 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.
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.”
He added that his administration would limit the inflation rate to 21.4 per cent in 2024, adding that tax and fiscal policies were currently being reviewed.
“Our target is to increase the ratio of revenue to GDP from less than 10 per cent currently to 18 per cent within the term of this administration,” the President added.
In response to the budget, several senators expressed concerns on Thursday, highlighting their reliance on assumptions and forecasts regarding revenues and expenditures outlined in Tinubu’s proposals.
Senator Kawu Sumaila (New Nigerian People’s Party, Kano South) was the first to object, stating that it was improper for lawmakers to deliberate on the budget without access to the specific details they were supposed to examine.
Sumaila said, “We cannot be considering a budget whose details we have not seen. We don’t have the sectoral breakdown; how do we know if we are doing the right thing? I don’t think we should be debating the budget now.
“How are we sure that the interests of our constituents were captured in the budget?”
However, Kawu’s objections were countered by Deputy Senate President Jibrin Barau (APC, Kano North), who asserted that the bill proceeded to its second reading based on an evaluation of its principles, considering both its merits and demerits.
“The merits and demerits of the appropriation bill have been stated by the President and the same has been repeated by the Senate Leader in his presentation of which copies have also been released to all lawmakers present,” he said.
Next, Senator Mohammed Onawo (PDP, Nasarawa South) voiced his lack of access to the budget specifics.
However, relying on the President’s presentation, he expressed confidence that the projections and assumptions appeared to be realistic.
“I need to see the details to be sure that this administration will be fair to my people.
“I am speaking on good authority that we the people of Kebbi don’t want the palliative that the President is giving; we want it converted to capital roads and used to fix our roads so that our people can earn a living.”
