Reps Reveals MDAs Pledge To Fund N1.2 Trillion Budget Hike Through Increase In Revenue

Representative Abubakar Bitchi, the chairman of the House of Representatives Committee on Appropriations, discloses that MDAs have pledged to increase their revenue in the 2024 fiscal year in order to fund the approved budget.

This comes after the House approved President Bola Tinubu’s N28.777 trillion budget, which is N1.2 trillion more than his original Nov. 29 proposal of N27.5 trillion.

Hon. Bichi explained that revenue-generating agencies had promised to increase their revenue significantly in 2024 in order to fund the budget, which is why it was supplemented

He said, “We had a meeting with Government-Owned Enterprises (GOEs), and we believe that their submissions are not enough. They have agreed to increase their revenue,”

“That is how we can get that N1.2 trillion which we applied to capital.”

Bichi noted that the augmented budget in the appropriation bill primarily targets the capital component rather than recurrent expenditure.

He said, “This is the first time the capital component is bigger than recurrent, and I believe this budget is brilliant and Nigerians will see a lot of impacts,”

Additionally, he highlighted a one-day town hall meeting where citizens provided input into the 2024 appropriation bill.

Furthermore, Bichi emphasized the collaborative effort between the joint National Assembly committee on appropriations and the executive in shaping the budget.

Last week, the National Assembly passed the 2024 appropriation bill submitted by President Tinubu in November.

Both chambers passed the bill with an increase of N1.2 trillion compared to the initial N27.5 trillion submitted by the President