Bight Newspaper learnt that The 10th Senate has passed the 2024 Appropriation bill into law.

It was also gathered that the upper chamber of the national assembly has increased the 2024 budget by a total of N1.2 trillion, moving the budget from N27.5 trillion to N28.7 trillion.

In the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers -N1,742,786,788,150; recurrent expenditure- N8,768.5330,852; capital expenditure-N9,995,143,298,028 and GDP at 3.88%.

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Recall that President Bola Tinubu, had on November 29, presented a total of N27.5tn budget proposal to a joint session of the National Assembly.

The President pegged the budget deficit for the 2024 fiscal year at N9.18 tn.

He said the deficit represents 3.88 per cent of Nigeria’s gross domestic product(GDP).

Tinubu stated, “The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.

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“The deficit will be financed by new borrowings totalling N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”

 

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