The National Assembly has passed the 2024 Appropriation Bill, increasing the sum to ₦28.7 trillion from the initial ₦27.5 trillion presented by President Bola Tinubu in late November.
The lawmakers in the Senate and the House of Representatives passed the bill after raising the budget size by N1.2 trillion.
In the bill passed, the sum of one point seven trillion Naira was earmarked for statutory transfers, Eight point two trillion for debt servicing, Eight point seven trillion for recurrent expenditure and Nine point Nine trillion is for capital expenditure.
The Senate said that in order to accommodate further requests from the Executive for additional funding, the Committee on Appropriation made some adjustments to the bill.
President Bola Tinubu had late November presented the 2024 budget estimates of N27.5trn to the National Assembly.
Christened the ‘Budget of Renewed Hope’, the President said it would ensure micro-economic stability, poverty reduction, greater access to social security, amongst others.
The President of the Senate, Godswill Akpabio, had assured Nigerians that the bill would be transmitted to the President for expedited passage into law for it to come into effect on January 1, 2024.
