The House of Representatives has approved the second reading of the proposed N27.503 trillion Appropriation Bill
The bill successfully advanced to its second reading during the plenary on Friday, following discussions by members and assessments of proposed allocations to crucial sectors.
This progress aligns with the National Assembly’s commitment to ensuring timely passage of the budget, adhering to the January-December Budget Cycle established since the 9th Assembly.
President Bola Ahmed Tinubu, during the budget presentation, urged lawmakers to pass the budget within 30 days, reinforcing the urgency in the legislative process.
The Nigerian government introduced a bill to authorize the disbursement of N27.503 trillion from the Consolidated Revenue Fund of the Federation.
The allocated amount is divided into four categories: Statutory Transfers, Debt Service, Recurrent (Non-Debt) Expenditure, and Contribution to the Development Fund for Capital Expenditure.
From the overall proposed sum, N1.376 trillion is earmarked for Statutory Transfers, denoting funds automatically allocated by law to specific government bodies or agencies.
An amount of N8.490 trillion was designated for debt service, representing payments made by the government to fulfill its debt obligations.
A sum of N9.918 trillion was allocated for recurrent (non-debt) expenditure, encompassing expenses incurred in the government’s day-to-day operations unrelated to servicing its debt obligations.
N7.717 trillion was earmarked for contribution to the development fund for capital expenditure, indicating funds set aside for investment in infrastructure and other capital projects anticipated to yield long-term benefits.
The proposed Bill was presented for second reading, and the Speaker, Abbas Tajuddeen, posed a question on its passage, receiving strong support from the members.
The House subsequently approved the second reading and referred the Bill to the Committee on Appropriations for further legislative steps.