The Senate has approved the sum of N28.7 trillion as the 2024 Appropriation Bill, increasing it by N1.2 trillion.
The bill was passed by the upper chamber at the plenary on Saturday afternoon just proceeding on new year break.
Senate President Godswill Akpabio said the bill will be transmitted to the President for his assent.
The Senate increased the 2024 budget by a total of N1.2trn from N27.5trn to N28.7trn.
A report submitted by the Appropriation Committee led by Senator Solomon Adeola, indicated aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers -N1,742,786,788,150; recurrent expenditure- N8,768.5330,852; capital expenditure-N9,995,143,298,028 and GDP at 3.88 per cent.
President Bola Tinubu had on November 29 presented N27.5 trillion jumbo-size budget to a joint session of the National Assembly, the biggest in the history of the country.
The President pegged the budget deficit for the 2024 fiscal year at N9.18 trillion, representing 3.88 per cent of Nigeria’s Gross Domestic Product (GDP).
Persecondnews reported that Tinubu had stated: “The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.
“The deficit will be financed by new borrowings totalling N7.83trn, N298.49BN from privatisation proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
Details shortly…..
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