By Ubong Ukpong, Abuja

The Federal Executive Council (FEC) has approved the 2024 appropriation bill of N27.50 trillion for the 2024 budget with a N1.5 trillion increase from the earlier estimated bill.

The government had proposed N26.2 trillion earlier but had reviewed the Medium Term Expenditure Framework (MTEF) that was approved by the National Assembly.

Minister of Budget and Economic Planning, Sen.

Similarly, House of Representatives on Monday, confirmed that President Bola Ahmed Tinubu would present his 2024 Appropriation bill to a joint session of the National Assembly on Wednesday.

Earlier in the day, the immediate past Speaker of the House of Representatives, Rt Hon Femi Gbajabiamila, who is Chief of Staff (CoS) to President Bola Ahmed Tinubu had said that the 2024 Appropriation bill would be presented to the National Assembly in the next few days.

Gbajabiamila, who said that FEC would tidy up work on the budget, however cautioned Committees Chairmen and Deputies in the House against imminent Infighting, saying that this has been the characteristic of committee heads since democratic government returned in 1999.

He said that the new proposal was legitimate because the appropriation was dependent on the final process that could be changed due to many variables including new priorities and MDAs presentations.

The former Speaker also advised his successor, Tajudeen Abbas, to nip in the bud this monster, to enable the House deliver on its good governance agenda for the people.

Bagudu said that MTEF that was approved by the National Assembly put the exchange rate at N700 per dollar and an oil price benchmark of 73.96 dollars.

He added that FEC revised the MTEF to use an exchange rate of N750 to a dollar and oil price benchmark of N77.96 in order to further fund the eight priority areas of the administration.

Bagudu said that the president would give more breakdown of the budget during its presentation to the National Assembly, stressing that the presentation date would be decided by the National Assembly.

The minister said that the 2024 forecast revenue would now be N18.32 trillion higher than the 2023 budget and the supplementary budgets provisions.

The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, said that the Federal Government has secured funds from the African Development Bank for budget support.

He said that the $1billion funds would aid effective implementation of the government reform policies as well as ensure transparency and accountability in the various tax reforms.

Edun added that it would be used in areas such as power and ensuring the efficient utilisation of tax revenues, adding that it was not for project.

Speaking in Abuja at a retreat organized for House of Representatives Committees Chairmen and their Deputies, with the theme, “Improving Legislative Performance through Effective Committee Management”, Gbajabiamila said that infighting between Chairmen and their Deputies, has been the greatest challenge of the House of Representatives.

“I experienced it when I was Speaker, Leader of the House, Minority Leader and Minority Whip”, he averred, expressing hope that Speaker Abbas, would work closely with the committee chairmen and their Deputies to solve this problem in 10th House of Representatives because, “as it it is said, when elephant and elephant are fighting the grass will suffer and in this case, the grass is the Nigerian people.

“We were guilty of this in 9th Assembly but I hope that the 10rh Assembly will correct it. Do your committee works thoroughly. Research thoroughly before going for your committee work”, he admonished his colleagues.

Declaring open the one day retreat, the Speaker, Abbas, said that committees would have only two weeks to conclude considerations of the budget for quick passage by the House.

He said it was in view of the budget presentation that the retreat was put together for the chairmen and deputies, to equip them for the task ahead.

The Speaker said that the House will convene a town hall meeting on 2024 budget to get citizens inputs before passage, which is first time this would be happening in the history of the House.

“In line with our mantra as the “Peoples House”, the 10th House of Representatives is committed to greater and more transparent engagement with the public. This is necessary for reducing suspicion, building trust and generating support for the work of the National Assembly.

“As we expect to receive the 2024 Appropriation bill in a few days, I wish to state that the House will convene a Budget Townhall Meeting to enable citizens to make inputs into the 2024 Appropriation.

“It is the first time such an engagement is planned at the national level. I invite our partners to work with us in preparing for a vigorous and all-inclusive budget process.

“To ensure speedy passage of the 2024 budget, I charge all Committees to double their efforts and finalise all considerations in two weeks.

“However, this does not imply haphazard and superficial consideration of the Budget. Rather, it is a challenge to you to deploy all resources and make the needed sacrifices to ensure we pass the Budget in good time for the good of all Nigerians”, he said.

The Speaker said the theme of the retreat was deliberately chosen “to provide a comprehensive understanding of the tasks ahead, especially for many of us taking up these legislative responsibilities for the first time.

“The legislature is central to our democracy, and a strong House is integral to ensuring that governance is conducted in an open, accountable, and representative manner.6.

“As chairmen and deputy chairmen of various committees, we must ensure that the House delivers on its Legislative Agenda. All Committees should study the relevant sections of the Agenda and incorporate them into their work plans.”

Deputy Speaker, Hon Benjamin Kalu, admonishing his colleagues, asked deputy chairmen to avoid rubbing shoulders with their chairmen, and that the chairmen must, equally, not treat others as their slaves, as they were only first among equals.

He urged them to be transparent in all their affairs and not take those that they oversight for granted.