According to Naija News, President Bola Tinubu presented a N27.503 trillion total projected expenditure for the 2024 fiscal year to the joint session of the National Assembly last month. Of this amount, N18.324 trillion is set aside as targeted revenue, and the remaining N9.18 trillion is a deficit that will be covered by borrowing money from both domestic and foreign sources as well as proceeds from privatization.
In the meantime, the APC-dominated joint committee on appropriations, led by Senator Olamilekan Adeola, has received reports from the subcommittees.
The findings were submitted by the Committees on Tourism, led by Senator Ireti Kingibe, and Diaspora and Non-Governmental Organizations, led by Senator Victor Umeh.
“I am appealing to all my colleagues; I am ready, and the deadline is Wednesday this week to receive all reports from all standing committees of the senate,” Adeola said in his remarks, pleading with the subcommittees to adhere to the deadline and guarantee that the National Assembly would meet the January-December budget cycle.
“It is anticipated that by Wednesday, you will grant us the omnibus authority to proceed and handle your budget independently of that committee for any agency or committee that has not yet turned in its report to the committee.
Therefore, we are pleading with all committee chairs to kindly turn in their reports by this Wednesday at the latest.