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.

Debt servicing is earmarked at N8,270 trillion, and statutory Transfers at N1.742 trillion.

In his remarks before the budget’s passage, the Speaker highlighted that forthcoming budgets would involve citizens at the constituency levels, providing them with the opportunity to contribute inputs.

He stated, “As representatives of the people, it is essential that we involve citizens in our key processes and decision-making. The House organised a citizens’ town hall on the 2024 Appropriation Bill, allowing the public to express views on how the budget can better address the specific needs of all Nigerians, especially those at the grassroots.

“The House remains committed to engaging citizens in its activities and ensuring the lawmaking process is open and inclusive. In the coming years, the budget will be taken to the people at the constituency levels to allow them also to make inputs.”

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