The 2024 budget was raised by N1.2 trillion by the Senate, making it N28.7 trillion instead of N27.5 trillion.
The Appropriations Committee, chaired by Senator Solomon Adeola, filed a report that put the total amount spent at N28,777,404.073.861; the statutory transfers at N1,742,786,788,150; the recurrent expenses at N8,768.5330,852; the capital expenditures at N9,995,143,298,028; and the GDP at 3.88%.
On November 29, President Bola Tinubu gave a joint session of the National Assembly a budget proposal totaling N27.5 trillion.
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The President estimated that the fiscal year 2024 would 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 recorded in 2023.
“New borrowings totaling N7.83 trillion, N298.49BN from Privatization Proceeds, and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects” would be used to cover the deficit.
The National Assembly will approve the budget today, Saturday, according to prior reports from The PUNCH.