The much anticipated federal budget proposal for 2024 will be presented to the National Assembly next month, according to the Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola.
After the inaugural meeting of the committee on Wednesday, Adeola, a member of the ruling All Progressives Congress representing Ogun West district, said that the National Assembly is expecting the Federal Government to present the Medium Term Expenditure Framework and Fiscal Strategy (MTEF-FSP) next week for proper scrutiny.
Adeola also said that the committee had invited the Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, for a meeting next Wednesday.
He assured Nigerians that the National Assembly would try as much as possible to make sure that the 2024 Appropriation Bill has a 55 per cent capital expenditure.
He said that the 10th Senate would maintain the January to December budget cycle, which the ninth National Assembly started.
He said: “I want you to take cognizance of the fact that there is a change of government prior to now and as of 29th May 2023, a new Government is in place.
“I want you to take cognizance of the change of government on 29th May. There is a teething problem because there is a change of government.
“The new administration has a new mantra that encapsulates its vision and there must be challenges.
“We will do a thorough job on the budget. Our job is to verify the budget to meet the expectations of the people. We will look into it thoroughly.
“We are expecting the MTEF next week and immediately we receive the document, the Committee on Finance will go into work and look into it.
“The Finance Minister and the Minister of Budget and Planning are working round the clock.
“I assure you that we won’t break the tradition, we will have the budget as at when due. We will keep to the tradition of the January to December budget cycle.
“It has to do with the nomination of the project to the budget document that will meet the yearnings and the needs of the people, I would not regard that as padding. It is still part of the government document we look into and it has an expectation. The budget is an estimate but implementation is another thing. So I don’t believe in budget padding”.
