Title: “The passage of the budget bill: An important step for the national economy”
Introduction :
The recent passage of the budget bill in the Senate has attracted the attention of all economic and political actors in the country. This crucial moment marks a significant step forward in the management of public finances and could have a major impact on the national economy. In this article, we will examine the key decisions made during the passage of the bill, as well as the potential implications for key sectors of our economy.
Key decisions for a solid budget:
The Senate Commission in charge of Appropriation adopted the Medium-Term Expenditure Framework and the Budget Programming Document (CDMT/DPB) approved by the National Assembly in the preparation of the budget. Key decisions taken included the adoption of an oil price of $77.96 per barrel and an exchange rate of 800 Naira to the dollar. These figures differ slightly from those proposed by the government, demonstrating the close collaborative work between the commission and the executive.
Budget allocation:
An important point to highlight is the distribution of expenditure in this new budget. A total amount of N28.7 trillion was allocated, with statutory transfers of N1.7 trillion and recurrent expenditure of N8.7 trillion. The capital expenditure component amounts to N9.9 trillion. Critically, the committee worked closely with the executive branch to include additional funding for certain spending items that were not initially anticipated in the bill presented by the President.
Concerns and recommendations:
The committee expressed some concerns during the examination of the budget bill. First, she noted that the presentation of the bill for the year 2024 was carried out late, which is contrary to the law on budgetary responsibility which stipulates that it must be presented at least three months before the start of the year. financial year. Additionally, some state-owned enterprises reported inconsistency in their revenues, and funding issues were identified in some allocations to government ministries and agencies. The commission recommended that the executive should comply with the provisions of the Fiscal Responsibility Act and ensure better financial management of government agencies.
Conclusion :
The passage of the budget bill in the Senate is a major event for the national economy. The decisions made during this process lay the foundation for a strong budget that will support the country’s economic growth. However, it is important to continue to closely monitor budget implementation and execution, to ensure efficient and transparent use of financial resources. The success of this budget will have a direct impact on the different sectors of the economy and will contribute to the overall socio-economic development of the country.