10 quick facts about Nigeria's 2024 budget

FG earmarks N100bn for consumer credit — Sen Bagudu

23
Reach the right people at the right time with Nationnewslead. Try and advertise any kind of your business to users online today. Kindly contact us for your advert or publication @ Nationnewslead@gmail.com Call or Whatsapp: 08168544205, 07055577376, 09122592273

The Federal Government said it has earmarked N100 billion for Consumer Credit in the 2024 Appropriation Act to support the manufacturing sector.

It added that additional N50 billion has been provided for the Student Loan scheme for the fiscal year.

The Minister of Budget and National Planning, Senator Atiku Bagudu who disclosed this in Abuja on Thursday during a Media chat, also dismissed the allegation that the 2024 budget was padded.

The Minister used the platform to offer  clarifications on the implementation of the 2024 Appropriation Act.

He pointed out that the Federal Government has made another N100 billion provision for Agricultural Development fund to take care of the National Agricultural agency, which he said will help farmers to have access to government funding.

The Minister said, “We have put N100 billion in the budget for consumer credit. To us, it is important because the manufacturing sector is struggling with two challenges, efficiency of production and finding somebody who can buy from them. So, with the introduction and support of Consumer Credit, we believe will revive the manufacturing sector. We also  want to use the fund as a catalytic fund to grow the sector.

“Secondly, we have another N100 billion provision for Agricultural Development fund to fund the National Agricultural agency created by law. This will help sectors that ordinarily will be difficult to fund.”

Senator Bagudu dismissed the allegation that the 2024 budget was padded, stressing that the preparation and passage of the budget followed due process and was never in any way padded for any pecuniary interest.

Senator Bagudu said, “The presidency issued a statement which we are fully in agreement with, about the size of the budget and where the mistake come from.  Mr. President presented a budget of N27.503 trillion and the national Assembly in its wisdom increased the budget to N28.77 trillion, an increase of about N1.2 trillion.

“When we presented the budget, we presented at an exchange rate of N750 to a dollar but the National Assembly in its wisdom adjusted the exchange rate to N800 to a dollar. That created more revenue, and equally the National Assembly appropriated that Government Owned Enterprises (GOEs) that contribute revenue should also contribute more and that was the source of that additional funding with the budget, then the additional money was use to increase the budget of the judiciary, legislators and executive and this is consistent with democracy.

 “The President in signing the 2024 Appropriation acknowledged that in a democracy, institutions have their powers. The National Assembly has the last word, when it comes to Appropriation.

“We choose democracy because democracy has its own opportunity and knows that power is split amongst the institutions and we think that is the best system that we have,  and following it is to appreciate.

“We read media reports about projects which are beyond what had been submitted by the Executive in the proposal and that is always the case in a democracy that is evolving with a lot of demands. All elected persons  particularly people in legislation are elected by constituencies, and those constituencies make several demands on them, this is not an unusual phenomenon, they are under pressure and represent us and ensure that part of public spending in a year gets to the constituencies they represent.

“The evolution of constituency and its projects by members of National Assembly did not begin now or in 1999; it is a reflection that elected persons are under pressure that public fund is utilised in advancing the lives of constituencies they represent.

“Equally, in 2024 budget, we have had a number of Innovations to  pay attention to areas of national lives which are priority to the President,  and which quite often did not get attention they deserve.”‘

Senator Bagudu said N65 billion Mortgage development fund has been provided in the 2024 budget to de-risk  the sector, and enable the industry to grow big with low interest loan, and  generate funds as Nigeria needs more houses.


Reach the right people at the right time with Nationnewslead. Try and advertise any kind of your business to users online today. Kindly contact us for your advert or publication @ Nationnewslead@gmail.com Call or Whatsapp: 08168544205, 07055577376, 09122592273



Leave a Reply

Your email address will not be published. Required fields are marked *