Abubakar Bichi, the Chairman on Appropriation in the House of Representatives, has provided an explanation for the National Assembly's decision to increase the 2024 budget by 1.2 trillion Naira. He cited inflation and the exchange rate for the dollar as contributing factors, and noted that Government-owned enterprises have agreed to boost their revenue.

Bichi highlighted the adjustments made to the exchange rate, stating that the executive's proposal of N750 to the dollar was deemed unrealistic, leading to an increase to N800. Additionally, discussions with the Government-owned enterprises revealed that their initial submissions were insufficient, but they have since agreed to enhance their revenue. These changes resulted in the 1.2 trillion Naira increase, which was allocated to capital.

Notably, Bichi emphasized that this marks the first instance where the capital budget surpasses the recurrent budget. He mentioned the allocation of about 850 billion Naira to education, expressing confidence in the budget's effectiveness and its potential to significantly benefit Nigerians.

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