The Nigerian senate has passed the 2024 appropriation bill, increasing its size from N27.5 trillion as proposed by President Bola Tinubu to N28.7 trillion.
The budget size was increased by N1.2 trillion on Saturday
The bill was passed for third reading after Solomon Olamilekan, chair of the senate committee on appropriation, presented a report for the consideration.
The budget passed has N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure.
According to the report submitted by the Appropriation Committee led by Senator 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%.
DAILY GIST reported that President Bola Tinubu, on November 29 had presented a total of N27.5tn budget proposal to a joint session of the National Assembly.
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
Tinubu 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 N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
