Senate passes 28.7 trillion 2024 Appropriation Bill as against N27.5 trillion

One month after President Bola Tinubu presented the 2024 appropriation bill for consideration of the national assembly, the lawmakers on Saturday afternoon passed the bill into a full budget, raising it from N27.5 trillion to N28.7 trillion.

By this, the 2024 budget now has an additional N1.2 trillion.

Other adjustments made by the senate to the budget proposal which President Tinubu presented include the increment of the exchange rate from N750 to N800 per dollar. 

The passage on Saturday afternoon followed the report presented by the Senate Committee on Appropriation, through its chairman, Senator Adeola Solomon of the All Progressives Congress from Ogun state.

Breakdown

Aggregate – 28,777,404,73, 861

Statutory transfer – 

N1, 742,786,788,150

Debt service – N8,270,960,606, 831

Recurrent (non-debt) expenditure – N8,768,513,380,852

Tagged, “budget of renewed hope.”, the 2024 budget is the first to be presented by the Tinubu’s administration. It was presented to the joint session of the assembly on November 29th.

In his speech during the presentation, President Tinubu said: , “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.”