The 2024 budget has been approved by the Senate for a third reading.
The budget was raised from N27.5tn to N28.7tn by the Senate, which also added a total of N1.2tn to the measure.
After a voice vote, Senate President Godswill Akpabio approved the budget.
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Prior to that, the Senate had reviewed the report on the appropriations bill that Senator Adeola Solomon, the chairman of the appropriations committee, had brought.
GDP was set at 3.88% by the Senate, while Aggregate Expenditure was set at 28,777,404.073.861, Statutory Transfers at 1,742,786,788,150, Recurrent Expenditure at 8,768.5330,852, Capital Expenditure at 9,995,143,298,028.
On Wednesday, November 29, President Bola Tinubu gave a joint section of the National Assembly a total of N27.5tn.
The President estimated that the fiscal year 2024 will have a budget deficit of N9.18 trillion.
According to him, the imbalance amounts to 3.88 percent of Nigeria’s GDP.
According to Tinubu, the N9.18 trillion deficit is less than the N13.78 trillion deficit, or 6.11 percent of GDP, that was reported in 2023.
“New borrowings totaling N7.83 trillion, N298.49 billion from privatization proceeds, and a 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects will be used to finance the deficit.”
According to a report by The PUNCH, the budget was approved by the Senate for a second reading on Friday, December 1.
The National Assembly is expected to approve the budget today, Saturday, according to prior reports from The PUNCH.