Bisina SomtoThe Nigerian Federal Government has proposed a budget of N26 trillion for the year 2024.
The proposal was unveiled by Atiku Bagudu, who serves as the Minister of Planning and Budget, during the Federal Executive Council (FEC) meeting held in the presidential villa Abuja.
One of the primary goals of the budget is to ensure that the government maintains its commitment to the January-December budget implementation cycle. To achieve this, President Bola Tinubu is slated to present the 2024 appropriation bill to the National Assembly, with the aim of securing ratification before December 31, 2023.
The proposed budget for 2024, with a total estimated expenditure of N26.01 trillion, is a comprehensive financial plan that addresses various key aspects of the country’s fiscal responsibilities. It includes N1.3 trillion designated for statutory transfers, N10.26 trillion allocated for non-debt recurrent expenditure, N8.25 trillion earmarked for debt service, and N7.78 trillion set aside for personnel pension costs. The Minister of Budget and National Planning, Abubakar Atiku Bagudu, shared these details with State House Correspondents after the FEC meeting in Abuja on Monday.
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One notable element of this budget is the increase in debt service, attributed to the securitization of N22.7 trillion Ways and Means, which has now become a federal government debt at nine per cent interest, resulting in an additional N2.1 trillion for debt service.
Another significant development is the notable rise in personnel costs, attributed to the transfer of obligations arising from an agreement between the Federal Government and Organized Labor.
The government also acknowledged the necessity of presenting a supplementary budget, primarily due to the growing obligations incurred since the removal of petroleum subsidy. The Minister affirmed that this supplementary budget is essential to address continuing obligations and immediate responses to security concerns.
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