The Nigerian Senate on Saturday passed the sum of N28.7 trillion as the 2024 appropriation bill.
But the Senate increased the 2024 budget by a total of N1.2tn, hence the budget moved from N27.5tn to N28.7tn.
President of the Senate, Godswill Akpabio, assured that the bill will be transmitted to the President for expedited passage into law.
Report submitted by the chairman of Appropriations Committee, Senator Solomon Adeola, indicate that 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%.
Recall, President Bola Tinubu, on November 29, presented a total of N27.5tn budget proposal to a joint session of the National Assembly.
Indeed, the President pegged the budget deficit for the 2024 fiscal year at N9.18 tn.
He said the deficit represents 3.88 per cent of Nigeria’s gross domestic product, adding that the N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.
