…As President Seeks Approval Of MTEF/FSP 2024-2026
The House of Representatives has passed through second reading, the
supplementary appropriation bill (budget) of N2.18 trillion for the 2023 fiscal year.
The passage followed the debate on the general principle of bill (budget) at plenary on Tuesday, shortly after receiving a communication from the President Bola Tinubu.
President Tinubu in a letter read on the floor of the House by Speaker Abbas Tajudeen requested for the speedy passage of the supplementary budget to enable the federal government finance such as welfare packages such as wages and conditional cash transfers agreed with the organised labour.
Consequently, the executive bill was slated for second reading in a supplementary order paper and after the debate and passage, it was referred to the Committee on Appropriations for further legislative action.
Out of the total of N2.18 trillion, N18 billion is for statutory transfers, N992.802 billion is for Recurrent (non-debt) expenditure while the sum of N1.165 trillion, one hundred and sixty-five billion is for contribution to the Development Fund for Capital Expenditure.
The proposed legislation read: “Bill for an Act to authorise the Issue from the Consolidated Revenue Fund of the Federation the total sum of N2,176,791,286,033 (two trillion, one hundred and seventy-six billion, seven hundred and ninety-one million, two hundred and eighty-six thousand, thirty-three naira) only, of which N18,0000,000,000 (eighteen billion naira) only is for Statutory Transfers, N992,802,015,985 (nine hundred and ninety-two billion, eight hundred and two million, fifteen thousand, nine hundred and eighty-five naira) only is for Recurrent (non-debt) expenditure.
“While the sum of N1,165,989,270,049 (one trillion, one hundred and sixty-five billion, nine hundred and eighty-nine million, two hundred and seventy thousand, forty-nine naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 December 2023.”
Meanwhile, Tinubu in another letter read by Speaker Abbas, requested the House to consider the Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF/FSP), 2024-2026.
He called for the expeditious consideration and approval of the MTEF/FSP by the House to bring the 2024 Federal Government Budget preparation process to timely closure.
“Pursuant to provisions of the Fiscal Responsibility Act, 2007, preparations toward submission of the 2024 Budget to the National Assembly is progressing well. The MTEF and FSP were prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war which continues unabated with severe implications on global food and energy prices.
“We are also faced with challenges in domestic revenue mobilization and significantly elevated public debt. Additionally, many economies around the world, have witnessed increased inflation, with particularly adverse impact on capital flows to emerging markets. I hereby forward the 2024-2026 MTEF and FSP to the National Assembly,” the letter read in parts.