BREAKING: Senate Approves 2024 Budget, Increase Bill From N27.5 Trillion To N28.7 Trillion

The Senate approves 2024 Appropriation Bill of N28.7trillion, against the N27.5 trillon estimate presented by President Bola Tinubu.

VerseNews reports that the critical decision to increase the budget by N1.2 trillion came to fruition during the bill’s third reading, a pivotal stage in the legislative process.

Solomon Olamilekan, the distinguished chair of the Senate Committee on Appropriation, presented a comprehensive report for the consideration of the Senate, providing a thorough analysis and justification for the proposed adjustments.

Breaking down the approved budget, it reveals a meticulous allocation of funds. Statutory transfers account for N1.7 trillion, addressing crucial obligations and mandatory disbursements.

Recurrent expenditure, vital for the day-to-day functioning of government operations, has been allocated N8.7 trillion. Additionally, N9.9 trillion has been earmarked for capital expenditure, emphasizing the commitment to infrastructural development and long-term investments.

This legislative decision carries significant implications for the fiscal landscape of 2024, reflecting the Senate’s strategic approach to financial planning and allocation of resources to key sectors.

Before the budget approval, the House of Representatives on Saturday, December 30, increased the 2024 budget presented by President Tinubu by about N1.2 trillion.

The lawmakers, who held a special session to pass the budget increased the estimate from N27.5 trillion presented by the president to about N28.77 trillion.

The report from the House Committee on Appropriation was laid before the House at plenary on Saturday by the Chairman of the House Committee on Appropriation, Hon. Abubakar Kabir Bichi.

According to the report, N8,768,513,380,852 is for Recurrent (Non-Debt) Expenditure while the sum of N9,995,143,298,028 will be for capital projects.

Capital budget which was pegged at N8. 7 trillion in the budget presented by the President to the Assembly was increased to N9. 995 trillion, while recurrent budget was reduced from N9. 92 trillion to N8. 76 trillion.

Debt servicing got N8,270 trillion while statutory Transfers got N1,trillio742 trillion.

Speaking before the passage of the budget, the speaker said future budgets will be taken to the people at the constituency levels to allow them also to make inputs.

He said: “As representatives of the people, it is essential that we involve citizens in our key processes and decision-making. It is in line with this that the House organised a citizens’ town hall on the 2024 Appropriation Bill, where the public was given the opportunity to express views on how the budget can better address the specific needs of all Nigerians, especially those at the grassroots.

“The House remains committed to engaging citizens in its activities and ensuring the lawmaking process is open and inclusive. In the coming years, the budget will be taken to the people at the constituency levels to allow them also to make inputs.”