Senate Increases 2024 Budget By N1.2 Trillion
The Senate has increased the 2024 budget by N1.2 trillion, raising it from N27.5 trillion to N28.7 trillion.
The Appropriation Committee, led by Senator Solomon Adeola, submitted a report with an aggregate expenditure set at N28,777,404,073,861.
The budget breakdown includes statutory transfers of N1,742,786,788,150, recurrent expenditure of N8,768,533,030,852, capital expenditure of N9,995,143,298,028, and a GDP growth rate of 3.88%.
President Bola Tinubu initially presented a N27.5 trillion budget proposal on November 29, with a deficit of N9.18 trillion, representing 3.88% of Nigeria’s GDP.
The increased budget will now undergo further consideration and approval processes.