Senate Passes 2024 Budget with Significant Increase of N1.2 Trillion.

Senate Passes 2024 Budget with Significant Increase of N1.2 Trillion.

In a significant development, the Nigerian Senate has passed the 2024 budget, marking a crucial step in the fiscal planning process for the upcoming year. The budget received approval during the third reading, accompanied by a substantial increase of N1.2 trillion, pushing the total appropriation from N27.5 trillion to N28.7 trillion.

The approval came following a voice vote led by Senate President Godswill Akpabio, indicating broad support for the revised budget. Before reaching this stage, the Senate diligently considered the report of the Appropriation Bill, initially presented by Senator Adeola Solomon, the Chairman of the Appropriation Committee.

Key highlights of the revised budget include the following allocations:

Aggregate Expenditure: N28,777,404,073,861

Statutory Transfers: N1,742,786,788,150

Recurrent Expenditure: N8,768,5330,852

Capital Expenditure: N9,995,143,298,028

GDP Growth Estimate: 3.88%

The initial budget proposal of N27.5 trillion was presented to a joint session of the National Assembly by President Bola Tinubu on November 29. Notably, the President had earmarked the budget deficit for the 2024 fiscal year at N9.18 trillion, representing 3.88% of Nigeria's gross domestic product (GDP).

President Tinubu explained that the deficit would be financed through various means, including new borrowings totaling N7.83 trillion, N298.49 billion from privatization proceeds, and a drawdown of 1.05 trillion naira on multilateral and bilateral loans secured for specific development projects.

The passage of the budget reflects the commitment of the Senate to expedite crucial fiscal matters for the benefit of the nation. It is anticipated that the revised budget will address evolving economic needs and contribute to Nigeria's growth and development.

The Senate had initially passed the budget for a second reading on December 1, setting the stage for detailed deliberations leading to the final approval during the third reading.