Reps Seek Review Of 2024 Budget Over Forex Instability

The House of Representatives has resolved to assess the implications of the foreign exchange on the 2024 Appropriation Act.

This follows the adoption of a motion on the need to evaluate the implications of the current exchange rates on the 2024 national budget implementation to ensure a balanced budget and increase in the standard of living of Nigerians, raised by Honourable Kafilat Ogbara.

The committees on national planning and economic development, appropriation and finance are to determine the method of alignment of the current foreign exchange with the approved national budget; evaluate the prevailing exchange rates to understand the value of the foreign exchange in the local currency and how fluctuations impact the purchasing power and overall 2024 budgetary effectiveness.

The assessment would also include an examination of the expected revenue the government anticipates from various sources, including taxes and other income streams and how these can help to gauge the financial resources available to meet budgetary demands.

It also includes reviewing the outlined government spending plans across different sectors; adjust where necessary to ensure the budget remains realistic and achievable within the economic context considering priorities and essential areas.

The Federal Government based the 2024 budget on foreign exchange benchmark of N800 to a dollar.

However, the naira has fallen further to the dollar to around N1,500 to a dollar currently.