JUST-IN: Senate Passes 2024 Budget, Increases It By Over N1trn


The 2024 budget was raised from N27.5 trillion to N28.7 trillion by the 10th Senate, a total of N1.2 trillion.

The Appropriations Committee, chaired by Senator Solomon Adeola, filed a report that had the following figures: GDP at 3.88%; statutory transfers at N1,742,786,788,150; recurrent expenditures at N8,768.5330,852; capital expenditures at N9,995,143,298,028; and aggregate expenditures at N28,777,404.073.861.

On November 29, President Bola Tinubu gave a joint session of the National Assembly a budget proposal totaling N27.5 trillion.

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.”

It had earlier reported that the National Assembly will pass the budget today, Saturday.

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