AFRIQUECAN: The House of Representatives will assess the implications of the foreign exchange on the 2024 Appropriation Act.
Honourable Kafilat Ogbara, raised 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.
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 will 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; adjusting 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.