The Senate increased the 2024 budget by N1.2 trillion, raising it from N27.5 trillion to N28.7 trillion.
According to the Senate Appropriations Committee report, aggregate expenditure was N28,777,404.073.861; statutory transfers were N1,742,786,788,150; recurrent expenditure was N8,768.5330,852; capital expenditure was N9,995,143,298,028; and GDP was 3.88%.
On November 29, President Bola Tinubu presented a N27.5 trillion budget proposal to a joint session of the National Assembly.
The President estimated the fiscal year 2024 budget deficit to be N9.18 trillion.
On November 29, President Bola Tinubu presented a N27.5 trillion budget proposal to a joint session of the National Assembly.
The President estimated the fiscal year 2024 budget deficit to be N9.18 trillion.
He stated that the deficit represents 3.88 percent 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 percent of GDP.
“The deficit will be financed by new borrowings totaling N7.83 trillion, N298.49 billion from privatization proceeds, and a N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
Chronicle NG had earlier reported that the National Assembly will pass the budget today, Saturday.
