The Senate and the House of Representatives have approved l N28.7 trillion as the 2024 Appropriation Bill.
The bill was passed by both chambers at their respective plenary sessions on Saturday.
Persecondnews reports that the budget was passed after it was increased by N1.2 trillion.
The increment raised the budget from N27.5 trillion as proposed by President Bola Tinubu to N28.7 trillion.
According to the report submitted by the Appropriation Committee, chaired by Sen. Solomon Adeola, 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.
Persecondnews recalls that Tinubu, had on November 29, presented a N27.5 trillion budget tagged, “Budget of Renewed Hope” for the 2024 fiscal year, to a joint session of the National Assembly.
According to the President, the proposed N27.5trn 2024 budget will ensure macroeconomic stability, poverty reduction, local job creation, and greater access to social security, amongst others.
Giving a breakdown of the budget estimates, Tinubu fixed recurrent non-debit expenditure at N9.92 trillion, capital expenditure at N8.73 trillion, debt service at N8.25 trillion, revenue at N18.32 trillion, and deficit at N9.18 trillion.
He said his government will finance the 2024 budget with borrowing of about N7.8 trillion.
The Senate President, Godswill Akpabio, who presided over the sitting at the upper chamber on Saturday, approved the borrowing plan by the government to finance the budget.
He said the bill will be transmitted to the President for his assent.
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