The 2024 appropriation bill has scaled second reading in the House of Representatives two days after deliberation on the bill by lawmakers.
During deliberations, some lawmakers expressed concerns about the plan of the government to generate revenue from heavy tax, fearing that it would greatly affect importers.
To others, the proposed 1.7 million barrels per day of crude production is unrealistic.
The committees will now have two weeks to conclude the budget defence process.
The Budget Of Renewed Hope
President Bola Tinubu, on Wednesday presented the 2024 budget proposal entitled ’Budget of Renewed Hope’ before the lawmakers.
The President, who addressed a joint session of the National Assembly in Abuja, asked both chambers to work assiduously and “conclude with reasonable dispatch”, their deliberations on the 2024 budget estimates of ₦27.5 trillion.
Speaking on the budget, Tinubu said: “I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch.
“Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.”
The president said the ‘Budget of Renewed Hope’ would ensure macroeconomic stability, poverty reduction, and greater access to social security, amongst others.