Reevaluating Nigeria's 2024 Budget: The House of Representatives Acts Amid the Naira's Decline.
Because of the Naira's decline in value relative to other major currencies, the House of Representatives is taking steps to evaluate the budget's limits for 2024.
The Committees on National Planning and Economic Development, Appropriations, and Finance were given a directive by the House on Thursday to examine the budget's parameters, specifically the exchange rate.In plenary, Kafilat Ogbara (APC, Lagos) made a motion of urgent public interest, which was followed by this resolution.
When the monetary authorities decided to float the currency, the naira fell sharply for several months. But as a result of various actions made by the Central Bank of Nigeria, it has recently recovered.
Mrs. Ogbara moved the motion, stating that inflationary pressure brought on by exchange rate fluctuations has an impact on prices for products and services that go beyond budgetary forecasts.
According to her, the distortions might prevent the 2024 budget from being implemented effectively.
In her words: “It becomes imperative for the National Assembly to review (amendments to) all the items that make up the 2024 Appropriation Act.”
After she made her motion, the House gave the committee instructions to do a thorough analysis of how the foreign exchange will affect the 2024 Appropriations Act and to decide how to reconcile the current foreign exchange with the approved national budget.
To comprehend the value of foreign exchange in local currency how variations affect purchasing power and the overall effectiveness of the 2024 budget, the committees are required to assess the current exchange rates.
The House also requested that the committees look at the government's projected revenue from a variety of sources, such as taxes and other sources of income.
When the motion was put to a vote by the presiding officer, Deputy Speaker Ben Kalu, it was approved by all members without discussion.
The committees were required to complete the task in six weeks.
The House also requested that the committees look at the government's projected revenue from a variety of sources, such as taxes and other sources of income.
When the motion was put to a vote by the presiding officer, Deputy Speaker Ben Kalu, it was approved by all members without discussion.
The committees were required to complete the task in six weeks.
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