The Chairman House of Representatives Committee on Appropriation, Rep Abubakar Bitchi, says MDAs have pledged to increase their revenue-base in the 2024 fiscal year in order to fund the budget.
Bitchi said this after the House approved the 2024 Budget proposal which was presented before the joint session of the National Assembly by President Bola Tinubu on Nov. 29.
Tinubu had presented a budget proposal of N27.5 trillion before the lawmakers, while the lawmakers on Dec. 30 approved a total of N28.777 trillion, which was an addition of N1.2 trillion.
Bichi, however, explained that the rationale behind the increased was because revenue-generating agencies pledged a substantial revenue increase in 2024 to support the budget.
“We had a meeting with Government-Owned Enterprises (GOEs), we believe that their submissions are not enough. They have agreed to increase their revenue,” Bichi said.
“That is how we are able to get that N1.2 trillion which we applied to capital.”
Bichi said the budget increase in the appropriation bill is allocated to the capital component rather than recurrent expenditure.
“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, ” he said.
Bichi said a one-day town hall meeting was held where citizens made contributions into the 2024 appropriation bill.
He added that the joint NASS committee on appropriations worked closely with the executive on the budget.