…as Hon. Idem tasks MDAs to begin implementation plans

The Senate has increased the 2024 budget by N1.2 trillion, raising it from N27.5 trillion to N28.7 trillion.

The Appropriation Committee, led by Senator Solomon Adeola, submitted a report with an aggregate expenditure set at N28,777,404,073,861.

The budget breakdown includes statutory transfers of N1,742,786,788,150, recurrent expenditure of N8,768,533,030,852, capital expenditure of N9,995,143,298,028, and a GDP growth rate of 3.88%.

President Bola Tinubu initially presented a N27.5 trillion budget proposal on November 29, with a deficit of N9.18 trillion, representing 3.88% of Nigeria’s GDP.

The increased budget will now undergo further consideration and approval processes.

… begin implementation plans -Hon Idem

Meanwhile, the member representing Ukanafun/Oruk Anam Federal Constituency and Chairman, House Committee on Public Procurement, Rep. Unyime Idem, has given all Federal Ministries, Departments and Agencies, MDAs, a marching order to begin immediate implementation of the 2024 budget.

Rep. Idem gave the directive in an interaction with journalists shortly after the House of Representatives passed N28.7 trillion as the 2024 appropriation bill on Saturday.
The Senate also approved same amount as the 2024 appropriation bill.

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According to Idem, “having passed the 2024 budget today, the Public Procurement Committee, is hereby directing all federal MDAs to commence their procurement plan as soon as the president signs the budget into law.

It doesn’t make sense that lawmakers toil day and night to ensure that the budget is passed within stipulated time, only for MDAs to implement it months after, some times, after seven to eight months after passage. This will not be acceptable by the Public Procurement Committee, which I head.

The committee therefore wants procurement plans to kick start immediately the president signs the bill into law. MDAs are to commence procurement plans even before the funds come in later.”

Rep. Idem expressed the hope that the timely implementation of the budget will stimulate the economy.

The breakdown of budget as approved by the National Assembly is as follows;

Aggregate Expenditure -N28,777,404,073,861

Statutory Transfers -N1,742,786,788,150

Recurrent Expenditure – N8,768,513,380,852

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Capital Expenditure – N9,995,143,298,028

GDP – 3.88 %