Senate Approves Surprising Budget Increase: N27.5trn Jumps To N28.777trn

Senate Approves Surprising Budget Increase: N27.5trn Jumps To N28.777trn....KINDLY READ THE FULL STORY HERE▶

The 2024 Appropriation Bill, with a total expenditure of N28,777,404,073,861 for the fiscal year, was successfully passed by the National Assembly (NASS) on the 31st of December. This marked an increase of N1.2 trillion from the initially proposed N27.5 trillion. President Bola Tinubu had presented the initial proposal to a joint session of the Senate and House of Representatives….CONTINUE READING

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The adjusted fiscal plan included changes such as an increase in the exchange rate from N750 to N800 per dollar. Additionally, the parameters set by the executive arm of the government, including a daily oil production of 1.78 million barrels, a US$77.96 oil benchmark price, and a GDP growth rate of 3.88 percent, were all approved.

President Tinubu had emphasized the adoption of the “Revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP)” as the basis for the 2024 budget. The administration aimed to achieve a minimum economic growth of 3.76 percent, surpassing the forecasted world average.

During the presentation of the proposed expenditure, President Tinubu pledged to overhaul the nation’s internal security architecture to strengthen law enforcement capabilities.

The passage of the Appropriation Bill followed the consideration and approval of the report presented by Senator Olamilekan Adeola-led Senate Committee on Appropriations and the House Committee on Appropriations, led by Chairman Abubakar Bichi. After a thorough clause-by-clause consideration, the bill was read for the third time and passed.

The detailed breakdown of the N28.777 trillion budget revealed allocations such as N1.743 trillion for Statutory Transfers, N8.271 trillion for Debt Service, N8.769 trillion for Recurrent (Non-Debt) Expenditure, and N9.995 trillion for Capital Expenditure.

The fiscal deficit of N9.179 trillion was outlined to be financed through asset sales/privatization (N298.486 billion), multilateral/bilateral project-tied loans (N1,051,914,486,314), and debt financing (N7,828,529,477,860). Under Statutory Transfers, the National Judicial Council (NJC) received the highest allocation of N341.626 billion, followed by the Niger Delta Development Commission (NDDC) with N338.925 billion.

The NASS budget breakdown included allocations for various purposes, such as N78.624 billion for the House of Representatives, N49.145 billion for the Senate, and N36.727 billion for the National Assembly Office. The approved Recurrent (Non-Debt) Expenditure of N50.451 trillion allocated the highest share to the Ministry of Defence (N1.308 trillion), followed by the Ministry of Police Affairs (N869.121 billion) and the Ministry of Education (N857.134 billion).

After the passage, Senator Olamilekan Adeola confirmed that President Tinubu would sign the 2024 Appropriation Bill into law promptly, emphasizing the existing synergy between Ministries, Departments, and Agencies (MDAs). Adeola expressed confidence that the President would effectively review the document within the available time frame.

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