After two days of debate, the House of Representatives passed the 2024 appropriation measure on second reading.
Some politicians were concerned about the government’s proposal to create income through excessive taxation, worrying that it would negatively impact importers.
Others argue that the anticipated crude production rate of 1.7 million barrels per day is unreasonable. The budget defence committees will now have two weeks to complete their work.
President Bola Tinubu presented the 2024 budget proposal before the lawmakers on Wednesday.
The President, who addressed a joint session of the National Assembly in Abuja, charged both arms of the legislative arm to work assiduously and “conclude with reasonable dispatch”, their deliberations on the 2024 budget estimates of N27.5trn.
Christened the ‘Budget of Renewed Hope’, Tinubu said, “I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.”
The President said the ‘Budget Of Renewed Hope’ will ensure macroeconomic stability, poverty reduction, and greater access to social security, amongst others.