In a recent development, the 10th Senate has given the green light to an additional N1.2 trillion, boosting the 2024 budget from N27.5 trillion to N28.7 trillion.
This decision follows the submission of a comprehensive report by the Appropriation Committee, headed by Senator Solomon Adeola.
The breakdown of the revised budget includes aggregate expenditure at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,533,852; capital expenditure at N9,995,143,298,028, with the GDP projected at 3.88%.
President Bola Tinubu had initially presented the N27.5 trillion budget proposal on November 29, where he outlined a budget deficit of N9.18 trillion for the fiscal year 2024, equivalent to 3.88% of Nigeria’s GDP.
Tinubu emphasized the positive aspect of the deficit, noting that it is lower than the N13.78 trillion recorded in 2023, representing 6.11% of GDP. To cover the deficit, he outlined a plan involving N7.83 trillion in new borrowings, N298.49 billion from Privatisation Proceeds, and a drawdown of N1.05 trillion on multilateral and bilateral loans earmarked for specific development projects.
