The Senate has elevated the 2024 budget by a complete of N1.2tn, transferring the budget from N27.5tn to N28.7tn.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, mixture 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%.
President Bola Tinubu, on November 29, offered a complete of N27.5tn budget proposal to a joint session of the National Assembly.
The President pegged the budget deficit for the 2024 fiscal yr at N9.18 tn.
He mentioned the deficit represents 3.88 per cent of Nigeria’s gross home product
Tinubu acknowledged, “The N9.18 trillion deficit is decrease than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.
“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.”
The PUNCH had earlier reported that the National Assembly will cross the budget immediately, Saturday.
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