THE National Assembly cleared the 2024 Appropriation Bill today, boosting the total to 28.7 trillion from the initial 27.5 trillion proposed by President Bola Tinubu in late November.
The bill was enacted by members in the Senate and House of Representatives after the budget was increased by N1.2 trillion.
A total of 1,742,786,788,150 was set aside in the bill for statutory transfers, 8,270,960,606,831 for debt servicing, 8,768, 513, 380, 852 for recurrent spending, and 9,995,143,143,298,028 for capital expenditure.
The Senate stated that the Committee on Appropriations made certain changes to the bill in order to meet further requests from the Executive for additional cash.
Foreign exchange disparity, growth in revenue of Government-Owned Enterprises (GOEs), GOE personnel reduction, Service Wide vote (wage adjustment), and reduction from Service Wide are some of the changes implemented.
President Bola Tinubu presented the National Assembly with N27.5 trillion in budget estimates for 2024 in late November.
The President titled it the “Budget of Renewed Hope,” and stated that it will assure microeconomic stability, poverty reduction, and increased access to social security, among other things.
The President of the Senate, Godswill Akpabio, told Nigerians that the measure would be forwarded to the President for accelerated passage into law, with the bill taking effect on January 1, 2024.
