The Senate has approved an increase of N1.2tn in the 2024 budget, elevating the total budget from N27.5tn to N28.7tn.
The Appropriation Committee, under the leadership of Senator Solomon Adeola, submitted a report outlining the revised budget allocations, with aggregate expenditure set at N28,777,404,073,861. The breakdown includes statutory transfers at N1,742,786,788,150, recurrent expenditure at N8,768,533,030,852, capital expenditure at N9,995,143,298,028, and GDP projected at 3.88%.
Bola Tinubu had initially presented a N27.5tn budget proposal to the National Assembly on November 29. In his proposal, Tinubu indicated a budget deficit of N9.18tn for the 2024 fiscal year, equivalent to 3.88% of Nigeria’s gross domestic product (GDP).
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Tinubu explained, “The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023, which represents 6.11 per cent of GDP.”
He further outlined the financing plan for the deficit, involving new borrowings totaling N7.83tn, N298.49BN from Privatisation Proceeds, and N1.05tn drawdown on multilateral and bilateral loans earmarked for specific development projects.