Reps passes N35.05 trillion budget for 2024

By Christiana Ekpa

The House of Representatives on Wednesday repealed and enacted the Appropriation Act, 2024 of N35.05 trillion to address some illegal issues inherent in the extant law.
Out of the total sum N1.74 trillion is for Statutory Transfers, N8.27 trillion is for Debt Service, N11.26 trillion, is for Recurrent (Non-Debt) Expenditure while the sum of N13.77 trillion is for contribution to the Development Fund for Capital Expenditure.
This was sequel to the passage for third term of a “Bill for an Act to Repeal the Appropriation Act, 2024 and Enact the Appropriation Act 2024 to Authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N35,055,536,770,218,” at plenary on Wednesday.
Earlier at plenary, the House rescinded the decision on the Long Title, Explanatory Memorandum and clauses 13 and 14 of the Appropriation Bill passed last Tuesday and commit same provisions to the Committee of Supply for reconsideration.
That followed the adoption of a motion moved by the Chairman, House Committee on Rules and Business, Hon. Francis Waive (APC, Delta).
Moving the motion, Waive noted that the Appropriations Act (Amendment) Bill, 2024 was passed on Tuesday 23 July, 2024.
The lawmaker said in the cause of cleaning the Bill, the Directorate of Legal Services observed some legal issues that require reconsideration.
He said Clauses 13 and 14 of the Bill as well as the long title and Explanatory Memorandum need to be amended to reflect the intent of the Appropriation Act.
Waive emphasised the need to rescind the House decision on the Long Title, Explanatory Memorandum and Clauses 13 and 14 of the Bill.
Also at plenary, the passed a bill seeking to increase the Central Bank of Nigeria’s (CBN) total advances to the Federal Government from five per cent to a Maximum of 10 percent.
The piece of legislation came as; “Bill for an Act to Amend the Central Bank of Nigeria Act, to increase the Central Bank of Nigeria’s total advances to the Federal Government from five per cent to a Maximum of Fifteen per cent and for Related Matters.”