BUSINESS

N26.1trn 2024 budget: Senate seeks 55% for capital expenditure

…Summons Finance, Budget Ministers

By Benjamin Arida://

Ahead of the presentation of the proposed N26.1trillion 2024 budget estimates to joint session of the National Assembly early next month by President Bola Tinubu, the Senate on Wednesday.

said the executive in the proposal should come up with 55% allocations for capital expenditure as against 25 to 30% it has been,  over the years.

This was even as the Red Chamber has also summoned the Ministers of Finance, Mr. Wale Edun and his Budget and Economic Development counterpart, Senator Atiku Bagudu to appear before its Committee on Appropriations for explanations on the 2024 budget next week Wednesday.

Chairman of the committee, Senator Solomon Adeola (APC Ogun West), who disclosed these in a chat with journalists added that President Tinubu would forward  2024 – 2026 Medium Term Expenditure Framework, MTEF  and Fiscal Strategy Paper, FSP to both chambers of the National Assembly next week for scrutiny and approval.

Senator Adeola maintained that the committee under his chairmanship would not entertain any approval for corrigendum after budget consideration and passage . 

He, however, assured that despite the delay in budget presentation for 2024 fiscal year, the already established January to December implementation period would be sustained.

“Information at our disposal indicate that President Bola Tinubu would present 2024 budget proposals to joint session of the National Assembly early next month. 

“Ahead of that presentation, Mr President would forward to both chambers of the National Assembly MTEF and FSP papers next week for thorough scrutiny and possible passage.

“In the light of the presentations, the Senate Committee on  Appropriations will have before it on Wednesday next week Ministers of Finance, and Budget  for explanations on planned projections as regards what percentage is going for what and what components of the budget.

“The new administration has a new mantra that encapsulates its vision and there must be challenges. 

“We will do a thorough job on the budget. Our job is to verify the budget to meet the expectations of the people. We will look into it thoroughly.

“We are expecting the MTEF next week and immediately we receive the document, the Committee on Finance will go into work and look into it. 

“I assure you that we won’t break the tradition, we will have the budget as at when due. We will keep to the tradition of January  to December budget cycle,” he explained.

Peterideal

A journalist by profession and I have been in active practice for so many years. A graduate of Political Science from University of Abuja. Maried with four children.

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