N1.2 Trillion Boost! House Approves Record Budget Increase for 2024.
In a special session on Saturday, December 30, the House of Representatives significantly reshaped the 2024 budget, boosting overall spending by N1.2 trillion and prioritising capital projects aimed at economic growth and infrastructure development.
The revised budget, now set at N28.77 trillion, reflects the lawmakers’ efforts to address key national concerns while upholding public participation in legislative processes.
The House Committee on Appropriation presented the report during the plenary session, brought forth by Hon. Abubakar Kabir Bichi, the Chairman of the House Committee on Appropriation.
According to the report, N8,768,513,380,852 has been allocated for Recurrent (Non-Debt) Expenditure, while N9,995,143,298,028 is allocated for capital projects.
The Capital budget initially set at N8.7 trillion was increased to N9.995 trillion, while the Recurrent budget was downsized from N9.92 trillion to N8.76 trillion.