Senate Increases 2024 Budget By ₦1.2 Trillion

The 10th Senate has increased the 2024 budget by a total of ₦1.2 trillion, moving the budget from ₦27.5 trillion to ₦28.7 trillion.

According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at ₦28,777,404.073.861; statutory transfers -₦1,742,786,788,150; recurrent expenditure- ₦8,768.5330,852; capital expenditure-₦9,995,143,298,028 and GDP at 3.88%.

President Bola Tinubu, on November 29, presented a total of ₦27.5tn budget proposal to a joint session of the National Assembly.

The President pegged the budget deficit for the 2024 fiscal year at ₦9.18 tn.

He said the deficit represents 3.88 per cent of Nigeria’s gross domestic product

Tinubu stated, “The ₦9.18 trillion deficit is lower than the ₦13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.

“The deficit will be financed by new borrowings totalling ₦7.83tn, ₦298.49BN from Privatisation Proceeds and ₦1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”

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