Grapevine

Reps pass bill to raise 2024 Budget to N35.06tn

A breakdown of the proposed N35.06tn for the 2024 fiscal year showed that N1.74tn is earmarked for statutory transfers; N8.27tn for debt service; N11.2tn for recurrent expenditure while N13.77tn is slated as a contribution to the Development Fund for capital expenditure for the year ending December 31, 2024.

Leading the debate on the general principle of the bill, the Chairman, House Committee on Appropriation, Abubakar Bichi, who presented the harmonised joint Senate and House report on the budget, pleaded for the adoption of the recommendations of the ommittee.

Addressing journalists shortly after the passage of the budget, Bichi said, “As you can see, we have passed the N6.2tn budget of Mr President, the budget of Renewed Nope.

“N3.2tn is for capital expenditure while about N3tn will go to the current. And as I said last time, the Lagos-Calabar coastal highway is a critical road infrastructure that Mr President wants to actualise.

“The Lagos-Calabar highway covers about nine states, which is about 700-kilometre road projects. Also, the Sokoto-Badagry highway is critical, covering about seven states. It covers about 1,000km. We have another one from Ebonyi, all the way from Abuja, from the Trans-Saharan section. We need some funding to execute these important projects.”