Despite contrary views by some lawmakers, President Tinubu’s request to extend the 2023 Appropriation Act, and the supplementary budget got passed by the House of Representatives At the resumed plenary of the House of Representatives on Thursday, lawmakers passed two money bills extending the implementation of the 2023 Appropriation Act and the 2023 Supplementary Appropriation Act until December 31, 2024. Both bills scaled first, second and third reading at the floor of the House on...
The ministry’s director of information, Dr. Joel Oruche, has affirmed that the ministry is not responsible for providing the rice palliative which he described as constituency projects. The Federal Ministry of Agriculture and Food Security has refuted rumours that it is holding up the delivery of rice that President Bola Tinubu reportedly gave to members of the National Assembly to distribute to citizens in their senatorial districts and federal constituencies. Recall that lawmakers in the...
President Tinubu in the 2024 appropriation bill signed into law followed the tradition of his predecessor with a budget deficit of N9.178tn A Budget typically comprises 2 main items. The revenue (income) and the expenditure (how the income is to be disbursed and spent majorly as a capital project or a recurrent project). A budget deficit occurs when one’s expenditure is more than the revenue. That is, you plan to spend more than the earnings....
In the last ten years, Nigeria has been unable to meet its oil production benchmark signifying a pattern of failing in executive planning and legislative approval of the country’s annual budgets Nigeria set its first Medium-Term Expenditure Framework (MTEF) benchmark for crude oil in 2004, which was about 19 years ago. The MTEF provides a framework for Nigeria’s annual budgeting process, including revenue projections and expenditure estimates for a period of three years. It also...
The Speaker’s reiteration of the stated resolve of the National Assembly to amend the Fiscal Responsibility Act gives an additional boost to the advocacy efforts of the GIFT project  Speaker of the House of Representatives, Rep. Tajudeen Abass has restated that the National Assembly will review the Fiscal Responsibility Act (FRA), 2007, after the passing the 2024 budget. The Speaker said this on Monday, 4th December 2023, at a Citizens Townhall on the 2024...
The much-anticipated student loan scheme has now received budgetary allocation to ensure commencement next year President Bola Tinubu has said the student loan scheme will become operational by January 2024. He disclosed this on Wednesday during the presentation of the 2024 Appropriation Bill at the National Assembly in Abuja. According to him, the scheme is a sustainable model for funding tertiary education, and increasing citizen’s access to higher education. Describing the budget as the Renewed...
