Somalia’s Federal bicameral Parliament has on Saturday overwhelmingly passed and approved the government’s budget for the Fiscal year 2024 in a joint sitting held Villa Hargeisa within the Presidential Palace in the capital Mogadishu.
186 members from the Lower and the Upper House who were attended the session voted for the fiscal year plan which was tabled by the Ministry of Finance.
Three members voiced their opposition to the upcoming Financial year budget.
MP Mohamed Farah Nuh, the chairman of the Finance and Budget Committee of the House of Representatives who spoke at the Parliamentary session delineated the nitty gritty of the national budget for 2024.
Nuh said that the budget is made up of two main components: A) a fixed budget of 569,666,048 dollars, and B) a capital budget of 509,655,736 dollars, totalling to a budget of 1,079,315,784 dollars heralding an incredible increment of 62 million dollars compared to the 2023 national budget where parliament passed a budget of $973,985,805.
The Finance Minister, Mr. Bihi Iman Egeh in his address to the House , thanked the members of Parliament for the approval citing that the budget will play a vital role in fast- tracking the ongoing Debt Forgiveness Process in Somalia, which is at a critical stage of completion.
The passage of the budget by the members of both Houses is expected to boost and enhance the ongoing efforts by the Somali government to promote service delivery to the Somali people, economic growth and sustain the nation making it an independent nation free from international donors.
