The 10th Senate has increased President Bola Tinubu’s 2024 budget by a total of ₦1.2 trillion, moving the budget from ₦27.5 trillion to ₦28.7 trillion.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at ₦28.777; statutory transfers -₦1.742; recurrent expenditure – ₦8.768; capital expenditure-₦9.995 and GDP at 3.88%.
President Bola Tinubu, on November 29, presented a total of ₦27.5tn budget proposal to a joint session of the National Assembly.
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The President pegged the budget deficit for the 2024 fiscal year at ₦9.18 tn.
The Budget Deficit
According to him, the deficit represents 3.88% of Nigeria’s gross domestic product.
Tinubu stated that “the ₦9.18 trillion deficit is lower than the ₦13.78 trillion deficit recorded in 2023 which represents 6.11% of the GDP.
“The deficit will be financed by new borrowings totalling ₦7.83tn, ₦298.49 billion from Privatisation Proceeds and ₦1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
The National Assembly is expected to pass the budget on Saturday, December 30.
