BREAKING: Senate Raises 2024 Budget By N1.2tn

The Senate has raised the 2024 budget by an additional N1.2 trillion, resulting in an adjusted budget of N28.7 trillion from the initial N27.5 trillion.

According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at 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 and GDP at 3.88%.

President Bola Tinubu, on November 29, presented a total of N27.5tn budget proposal to a joint session of the National Assembly.

The President pegged the budget deficit for the 2024 fiscal year at N9.18 tn.

He said the deficit represents 3.88 per cent 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 per cent of GDP.

“The deficit will be financed by new borrowings totalling N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion  drawdown on multilateral and bilateral loans secured for specific development projects.”

The PUNCH had earlier reported that the National Assembly will pass the budget today, Saturday.