The Senate has passed the budget for the 2024 fiscal year.
The Senate also increased the bill by N1.2 trillion, raising the budget from N27.5 trillion to N28.7 trillion.
Senate President Godswill Akpabio approved the budget after a voice vote.
Senator Adeola Solomon, the chair of the Appropriations Committee, had previously presented a report on the Appropriation Bill to the Senate.
The Upper Chamber estimated aggregate expenditure to be 28,777,404.073.861, statutory transfers to be 1,742,786,788,150, recurring expenditure to be 8,768.5330,852, capital expenditure to be 9,995,143,298,028, and GDP to be 3.88%.
President Bola Tinubu presented a total of N27.5 trillion to a joint session of the National Assembly on Wednesday, November 29.
The President estimated the fiscal year 2024 budget deficit to be N9.18 trillion.
He stated that the deficit accounts for 3.88 percent of Nigeria’s GDP.
Tinubu stated, “The N9.18 trillion deficit is lower than the “N13.78 trillion naira deficit recorded in 2023, which represents 6.11 percent of GDP.
“The deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from privatization proceeds, and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.”
