The National Assembly, on Saturday, approved the 2024 Appropriation Bill of N28.7 trillion, effecting an increase of N1.2 trillion on the N27.5 trillion initially proposed by President Bola Tinubu.
Tinubu, on November 29, presented his first full-year budget proposal to the National Assembly for approval.
Dubbed ‘The Budget of Renewed Hope’, President Tinubu said the budget “constitutes the foundation upon which we shall erect the future of this great nation.”
The Senate explained that the difference of N1.2trn arose because several government agencies pledged to increase their revenues in 2024 to augment the already-bloated budget.
“We had a meeting with the GOEs, we believe that their submissions are not enough. They have agreed to increase their revenue,” Abubakar Bichi, the chairman of the Senate Committee on Appropriations, said. “That is how we are able to get that 1.2trn which we applied to capital.”
With the changes, the budget’s capital expenditure now stands at N9.9trn from the earlier N8.7trn just as an aggregate expenditure of N28.7trn from N27.5trn is proposed for the federal government in 2024.
The budget deficit remained at N9.18 trillion with a recurrent expenditure of N8.7trn and statutory transfers of N1.7trn while debt service is set at N8.2trn.
Unlike President Tinubu who worked with a foreign exchange rate of N750/US$1, the Senate is working with a rate of N800/US$1.
The executive and legislature adopted an oil price benchmark of US$77.96 per barrel and a daily oil production estimate of 1.78 million barrels per day on the assumption that the GDP will grow at a rate of 3.88 per cent.
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