In a landmark move, the Nigerian 2024 budget has been increased from N27.5tn to N28.7tn, marking a significant step towards economic realism and growth. Abubakar Bichi, Chairman of the House Committee on Appropriation, explained that the N1.2tn increment is attributed to revenue prospects from Government Owned Enterprises and considerations for potential inflation.
Speaking at the National Assembly Complex, Bichi emphasized the need for a realistic exchange rate, adjusting it from the executive’s proposed N750 to N800 per dollar. The committee engaged with Government-Owned Enterprises, resulting in an agreement to boost their revenue to N700bn, contributing to the N1.2tn increment primarily allocated to capital.
Bichi expressed confidence in the budget’s brilliance, highlighting that it allocates a substantial N850bn to education, a significant investment with anticipated positive impacts. This marks a pivotal moment as the capital expenditure surpasses recurrent spending, signifying a strategic shift in budgetary priorities.
“So we increased it to N800. And also we had a meeting with Government-Owned Enterprises and we believe that their submissions are not enough. They have agreed to increase their revenue to N700bn. That was how we are able to get that N1.2 trillion, which we applied to capital.
“This is the first time the capital is bigger than recurrent. We appropriated about N850bn to education. We gave them a lot of money. I believe this budget is brilliant and Nigerians will see a lot of impacts.”