The Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, has dismissed allegations that the Federal Government plans to introduce four different budgets for the 2024 fiscal year.
Ajayi’s rebuttal came in response to a recent statement from the civic organization BudgITng, which had expressed concerns about a potential supplementary budget for 2024. BudgITng’s statement had fueled speculation about the Federal Government’s fiscal plans for the coming year.
In a post on X, Ajayi clarified that the National Assembly has only approved an extension of the implementation period for the capital components of the 2023 budget and its supplementary budget. This extension allows these components to be executed until December 2024, rather than introducing new budgets for the upcoming year.
Ajayi explained, “Yesterday, BudgITng raised a false alarm on the basis of rumours that FG is planning a 2024 supplementary budget. It is important to state that the FG is not planning to run 4 budgets within a fiscal year as being alleged.”
He elaborated on the actual fiscal policy, noting, “The National Assembly only approved that implementation of the capital components of the 2023 budget and 2023 supplementary should be extended to December 2024 to achieve its objectives.”
Ajayi also took the opportunity to emphasize the importance of capital expenditures for the country’s economic development. “Our country can’t achieve sustainable development when Federal, States and Local governments focus on only consumptive expenditures which is essentially what recurrent expenditures represent,” he stated. “It is the capital expenditures that drive economic growth, strengthen private-sector output and create employment opportunities for citizens.”
He concluded by criticizing BudgITng’s handling of the matter, saying, “As a reputable civic organisation, BudgIT can not afford to be flippant and be unduly sensational.”
