Bola Tinubu will on Wednesday, November 29 present N27.5 trillion 2024 appropriation bill to National Assembly following its approval by the Federal Executive Council (FEC).
The bill, which covers the fiscal year 2024, provides for an increase of 16.8% over the 2023 appropriation bill of N23.4 trillion.
The bulk of the budget allocation is directed towards the recurrent expenditure, with N16.5 trillion set aside for recurrent expenses, including personnel costs, overhead costs, and debt servicing.
The capital expenditure, which is the expenditure on physical assets and investments, is allocated N8 trillion, while N3 trillion is allocated to transfers to other levels of government.
READ ALSO:Osun Govt Debunks Rumours of Adeleke’s Absence, Says He is on Working Vacation
The bill outlines the government’s spending priorities for the next financial year and provides a framework for allocating resources to different sectors.
The bill is expected to be presented to the National Assembly in the coming weeks.