..additional N50bn for students loan
By Tony Obiechina, Abuja
The Federal government has provided the sum of N100 billion for Consumer Credit in the 2024 appropriation Act to support the manufacturing sector.
It also provided additional N50 billion for the Student Loan for the fiscal year and
another N100 billion for Agricultural Development fund to fund the National Agricultural agency.
The Minister of Budget and National Planning, Sen. Atiku Bagudu disclosed this during an interactive session with the media in Abuja on Thursday.
According to him, the Agricultural Development Fund is expected to help farmers that ordinarily will be difficult to have access to government funding.
He said, “We have put N100bn in the budget to 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, 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.”
The Minister who dismissed the claims about the 2024 budget padding, insisted that the preparation and passage of the budget followed due process and was never in any way padded for any pecuniary interest.
He 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 27.503trillion and the national Assembly in its wisdom increased the budget to 28.77trillion, an increase of about 1.2trillion.
“When we presented the budget, we presented at an exchange rate of N750 and fifty naira 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 own enterprises 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, legislator and executive and this is consistent with democracy.
“The president in signing the 2024 appropriation acknowledged that in a democracy,, institutions have their power. The National Assembly has the last word, when it comes to appropriation.
‘We choose democracy because democracy has its own opportunity and know that power is split amongst the institutions and we think that is the best system that we have and following that 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 it’s projects by member of National Assembly members did not begin now or in 1999, is a reflection that elected person’s are under pressure that public fund is utilized in advancing the lives of constituencies they represent. READ ALSO:
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“Equally, in 2024 budget, we have had a number of innovative to pay attention to areas of national lives which are priority to the President, and which quite often did not get attention they deserve.”‘
As part of efforts by the present administration to provide support to low income Nigerians, Bagudu, said N65bn Mortgage development fund has been provided in the 2024 budget, again to de-risk the sector, adding that this will enable the industry to grow big with low interest loan, and generate funds, as Nigeria needs more houses.
