2024 Budget: Reps Committed To Jan-Dec. Budget Cycle

2024 budget

The 2024 budget as submitted by President Ahmed Tinubu has been received,  The House of Representatives Committee on Appropriations expressed its readiness to ensure the swift passage of the budget by the President.

The Chairman of the Committee, Abubakar Bichi (APC, Kano), conveyed this during the committee’s inaugural meeting and the adoption of a work plan for the 2024 budget.

“The Committee will ensure the sustenance of the long-established and cherished precedent of ensuring compliance with the Financial Year Act through budget passage on or before 31 December of each financial year,” said Mr. Bichi. He emphasized that this approach would facilitate the operational and achievable implementation of the budget from January to December.

In the past four years, the National Assembly successfully maintained a budget cycle of January to December. However, concerns arose as President Bola Tinubu had not yet submitted the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the National Assembly for consideration.

The MTEF is a critical multi-year budget structure that outlines resource availability, sectoral program costs, and resource constraints, and ensures alignment between budget execution and planned objectives.

Regarding the 2024 budget, the Minister of Budget and National Planning, Atiku Bagudu, estimated it at N26 trillion and assured that the MTEF would soon be submitted to the National Assembly, with the budget presentation scheduled before 31 December.

This budget is significant as it is the first to be proposed by the Tinubu administration, which came into power in May. Furthermore, it marks the first budget to be considered by the 10th National Assembly.

The House Committee on Appropriations will also collaborate with other relevant committees and the Senate to expedite the passage of the budget. Mr. Bichi outlined plans for strategic meetings with the Chairmen of the Finance, National Planning, and Aids, Loans, and Debt Management committees to gather data for inclusive budget preparation and effective oversight.

Additionally, the committee intends to exercise its oversight authority over key agencies, including the Federal Ministry of Budget and Economic Planning, Federal Ministry of Finance, Office of the Accountant General of the Federation, and the National Economic Intelligence Agency, among others, to closely monitor budget implementation.

It’s worth noting that the 2023 budget’s lifespan expires on 31 December unless there is an amendment to the budget. The House of Representatives Committee is determined to ensure the January-December budget cycle is maintained, fostering financial stability and efficiency in government operations.

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