Breaking News

BREAKING: National Assembly seeks self-serving budget hike amid cost-of-living crisis

The House of Representatives is angling to increase the elephant budget for the National Assembly with the plan to amend the Fiscal Responsibility Act (FRA), 2007 in the next few weeks.

The planned increase to their already inflated budget comes amid rising cost of living across the country.

The proposal stems from a bill introduced by Oluwole Oke, a member representing Oriade/Obokun Federal Constituency, in Osun State.

The bill proposes adding a new section guaranteeing the National Assembly and federal judiciary each 5% of the budgetary allocation in the annual Appropriation Act.

“It is absolutely nonsensical to approach budgeting that way. There isn’t any other country in the world that offers a precedent for such,” a source with knowledge of the matter said.

“Resource allocations should be strictly need-based in line with national priorities. This is simply driven by a cake-sharing mentality. In any case, NASS members currently surreptitiously corner more than 20% of the capital budget annually,” the source said.

PAY ATTENTION:  [BREAKING] Kogi killings: Igala/Bassa nationalities storm DHQ, protest alleged ethnic cleansing

FRA, enacted in 2007, focuses on prudent resource management, macroeconomic stability, and fiscal transparency.

Section 54 currently allows technical and financial assistance to states and local governments adopting similar legislation.

However, the lawmakers are planning to insert Section 54(a) stating that, “Notwithstanding any other provision of the Principal Act, the National Assembly and the Federal Judiciary shall each be entitled to a minimum of five per cent of the entire budgetary provision in the Appropriation Act for each year. This Bill may be cited as the Fiscal Responsibility Act (Amendment Bill), 2024.”

Nigeria’s bicameral legislature, comprising the 360-member House of Representatives and the 109-seat Senate, has long been a target for criticism over its seemingly insatiable appetite for funds.

BusinessDay had earlier reported how the legislative arms blew N280 billion in 2023 while millions of Nigerians struggled under tight state budgets. The National Assembly 2023 budget was more than the budget of 19 individual states.

PAY ATTENTION:  43 Year Old Woman Confesses That Her Son Is Sweeter Than Any Man on Earth!

In his first money bill to the legislature after his inauguration, President Bola Tinubu in the Supplementary Appropriation Bill in July 2023, allocated N70 billion to help the lawmakers settle in.

The National Assembly raised its 2024 budget allocation by N74.23 percent to N344.85 billion. The initial allocation in the budget submitted by Tinubu was pegged at ₦197.93 billion.
The rise in allocations to the Senate and House of Representatives comes amid a rising cost-of-living crisis in the nation with millions of Nigerians battling for survival.

In the 2024 Appropriation Bill passed by the lawmakers in December, the National Assembly increased the budget by N1.2tn to N28.77tn from the earlier proposed N27.5tn by the Executive.

The National Assembly’s N344.85 billion can fund the combined budgets of more than 27 federal universities.

Some of the universities include the University of Lagos with an allocation of N19.4 billion, Obafemi Awolowo University, Ile-Ife (N17.02 billion), University of Ilorin (N14.3 billion), University of Abuja (N12.09 billion), University of Port Harcourt (N19.58 billion), Abubakar Tafawa Balewa University (ATBU) (N9.3 billion), Maddibo Adama University N8.billion, Federal University Oye (N7.7 billion), Federal University, Dutse (N8.3 billion), Alex Ekwueme University (N9.5 billion), University of Lafia (N6.8 billion) and University of Dutsin-Ma (N8.3 billion).

PAY ATTENTION:  Complete Requirements For Nigeria Police Recruitment

Others are Federal University, Kashere (N6.5 billion), University of Lokoja (N6.2 billion), University of Wukari (N9.6 billion), University of Birnin Kebbi (N4.78 billion), University of Gashua (N5.2 billion), University of Gusau (N6.7 billion), Maritime University Okerenkoko (N3,4 billion), Army University, Biu (N3.4 billion), Federal University of Health Sciences, Otukpo (N2.3 billion), University of Babura (N2.2 billion), Federal University of Technology Ikot Abasi (N2.4 billion), Federal University of Health Sciences, Azare (N1.8 billion), Federal University of Health Sciences, Ila Orangun (N10.4 billion), Federal University Katsina (N2.1 billion).

Related posts

Police Arrested Me, Then Handed Me Over To Thugs Who Beat Me, Dragged Me On The Floor Like A Common Criminal – Ajaero

RecentGist

BREAKING: LASU Law Graduating Student Clinches Best Result In Varsity’s 40-Year History

RecentGist

BREAKING: Police Charge Iceland Cult Leader On Two-Count Charge Of Murder & Cultism

RecentGist

JUST IN: Nigeria Customs Services celebrates its officer who guided a passenger to pay the duty for his PS5, provided the internet, and emailed the receipt to the passenger.

RecentGist

JUST IN: Only Divine Intervention Will Prevent Nigeria’s Breakup in 2035′ – Primate Ayodele

RecentGist

The federal government signs a 250 MW agreement with utility companies to expand power distribution.

RecentGist

Economic hardship: Don’t sell your kidneys, testicles – Shehu Sani warns Nigerians

RecentGist

JUST IN: A bag of rice will be N80,000, some senators will go to life imprisonment in 2024 – Primate Ayodele

RecentGist

NASS Wrong To Remove ‘Presidential Yacht’ From Budget — Reis

RecentGist