The 2024 Nigerian federal government’s budget of a total sum of N28.7 trillion was passed by the Nigerian Senate during its plenary on Saturday. Senate President Godswill Akpabio assured the bill would then be swiftly transmitted to President Bola Tinubu for enactment into law.
The Senate increased the initially proposed budget of N27.5 trillion, as presented by President Bola Tinubu, by N1.2 trillion.
The Appropriation Committee, led by Senator Solomon Adeola, submitted a comprehensive report showing the revised figures. The new allocations include total expenditure at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,5330,852; capital expenditure at N9,995,143,298,028, with the GDP set at 3.88%.
President Tinubu’s initial budget proposal on November 29 to the National Assembly was N27.5 trillion. Within this proposal, the budget deficit for the fiscal year 2024 is now put at N9.18 trillion – that is 3.88% of Nigeria’s GDP..
Tinubu however noted that this was an improvement over last year’s deficit of N13.78 trillion in 2023, – a whooping 6.11% of the GDP then.
The deficit, according to the 2024 budget proposal, now awaiting presidential assent, would be financed from new borrowings of N7.83 trillion, Privatisation Proceeds of N298.49 billion, and a drawdown of N1.05 trillion from multilateral and bilateral loans secured for specific development projects.
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