From Our Correspondent
The Upper Chamber of the National Assembly, on Saturday in Abuja, passed the 2024 budget after a third reading.
Before the budget, senators increased the bill by N1.2tn, raising the total appropriation to N28.7 trillion from N27.5 trillion.
With a voice vote by the Senate President, Godswill Akpabio, the Senate passed the budget.
Earlier, the Senate had considered the Appropriation Bill report presented by the Appropriation Committee Chairman, Sen. Adeola Solomon.
The Senate pegged the Aggregate Expenditure at N28,777,404.073.861; Statutory Transfers N1,742,786,788,150 and Recurrent Expenditure N8,768.5330,852.
It also fixed Capital Expenditure-N9,995,143,298,028 and GDP at 3.88 per cent.
TheNewsZenith recalls that President Bola Tinubu on Wednesday, Nov. 29, presented N27.5 trillion appropriation to a joint section of the National Assembly.
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In the presentation, Tinubu had pegged the budget deficit for the 2024 fiscal year at N9.18 trillion.
He said the deficit represents 3.88 per cent of Nigeria’s gross domestic product
“The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023. This represents 6.11 per cent of GDP,” the President had said.
According to him, the government will finance the deficit by borrowings N7.83 trillion.
The government also hoped to borrow N298.49 billion from Privatization Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.
