Senate Passes 2024 Budget, Increases Estimate By N1.2tn

The 2024 Appropriation Bill submitted by President Bola Tinubu has been passed by the Senate.

However, the budget was increased by about N1.2tn by the Senate.

At the plenary on Saturday afternoon, the Senate passed the N28,777,404,073,861 budget.

Recall that Tinubu presented N27.5tn to the joint chambers of the National Assembly on November 29, 2023.

The Senate President, Godswill Akpabio, who presided over the sitting, said the National Assembly approved that Statutory Transfers would be N1,742,786,708,150, Debt Service would gulp N8,270,960,606,831; Recurrent Non-debt Expenditure would be N8,768,513,380,852, while N9,995,143,298,028 would be for contribution to development fund for capital expenditure.

The borrowing plan submitted by the President was also approved by the Senate.

Akpabio noted that the document would immediately transmitted to the President for his assent so that implementation could begin by January 1.

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