Amid depreciation of Naira, Nigerian lawmakers move to adjust 2024 budget

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The budget was pegged at N800 to a dollar but the naira currently trades at N1,605 to a dollar.

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This resolution followed a motion of urgent public importance moved by Kafilat Ogbara during plenary. Despite the halt in the slide, the value of the naira is far from the rate used in preparing the 2024 budget. Moving the motion, Mrs Ogbara said the changes in the exchange rate have triggered inflationary pressure that in turn affects the prices of goods and services beyond the estimates of the budget.“It becomes imperative for the National Assembly to review all the items that make up the 2024 Appropriation Act,” she stated.

Furthermore, the House asked the committees to examine the expected revenue the government anticipates from various sources, including taxes and other income streams.

 

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