The House of Representatives has urged a reconsideration of the 2024 budget forecasts due to the recent sharp decline in the value of the naira over the past few months.

The motion, presented by a member of the All Progressives Congress representing Kosofe Federal Constituency in Lagos State, Kafilat Ogbara, highlighted the House's concern regarding the fluctuating exchange rate between the naira and the dollar following the approval of the N28.7 trillion 2024 budget by the National Assembly and its subsequent endorsement by President Bola Tinubu

Presenting the motion, Ogbara, also serving as the House Committee Chairman on Women Affairs and Social Development, highlighted that the Federal Government's initial projection of N800 to the dollar for the 2024 budget was no longer viable.

In light of these market fluctuations, Ogbara emphasized the necessity for the National Assembly to reassess all components of the 2024 Appropriation Act, Medium-Term Expenditure Framework/Fiscal Strategy Paper, external borrowing plan, foreign exchange market dynamics, and the bureaucracy's role in budget implementation.

After approving the motion, the House directed its Committees on National Planning and Economic Development, Appropriation, and Finance to conduct a thorough evaluation of how foreign exchange fluctuations affect the 2024 appropriation act. They are tasked with determining how to align the current foreign exchange rates with the approved national budget.