Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, has commended the National Assembly (NASS) for unilaterally raising the 2024 budget, describing it as a true practice of democracy.
President Bola Tinubu had in November last year presented a budget proposal of N27.5 trillion to a joint session of the National Assembly. But the lawmakers, in December, passed an appropriation bill of N28.7 trillion, jacking up the budget by N1.2 trillion.
The minister, who was speaking during the oversight visit by the House of Representatives Committee on National Planning and Economic Development yesterday, also assured Nigerians that the country would emerge from the current hardship more prosperous and experience significant economic growth.
He noted that the economic reforms of the President were aimed at re-jigging the macro-economic policy of the federal government to ensure increased revenue generation and a foreign exchange market.
Bagudu assured Nigerians that the FG was not unaware of their sufferings but that efforts were being made to improve the welfare of the vulnerable population and those adversely affected by the economic reforms.
He called on the National Planning and Economic Development Committee of the House of Representatives to critically review its mandate to deliver on its objectives.
The Chairman of the Committee, Isiaka Ayokunle, noted that the main aim of the oversight visit was to synergize with the ministry on the eight-point agenda of the current administration.
According to him, the interface was meant to strengthen the country’s budget system for better economic growth, to attract investments and improve the overall well-being of Nigerians.
A work plan/proposal on an effective budget process was presented to the Minister for possible incorporation into the Ministry’s work plan and budget.
The Committee during the oversight visit examined the releases and expenditures on personnel, recurrent and capital costs of the 2023 appropriation year, audited accounts of the ministry and the Budget Office, up-to-date key performance indicators (KPIs) in addition to the strengths/weaknesses as well as challenges encountered during 2023 reporting year.
