The National Assembly has passed the budget for the 2024 fiscal year.
The passed budget by the Senate and House of Representatives was raised from N27.5 trillion presented by President Bola Tinubu on Wednesday, November 29th to N28.7 trillion.
This shows an increase of over N1.2 trillion.
The Senate also increased the exchange rate from N750 to N800 per dollar while the 1.78mbpd daily oil production, US$77.96 oil benchmark price and GDP growth rate of 3.88% were approved as proposed by the executive arm of government.
The passage of the budget was a sequel to the consideration of the report of the Senate Committee on Appropriation presented by the chairman, Olamilekan Adeola, APC, Ogun West.
Recall that President Bola Tinubu on Wednesday 29th November 2023, presented the budget to the joint session of the National Assembly which he tagged “budget of renewed hope.”
However, the Senate, on Friday 1st December, 2023, passed the N27.5 trillion 2023 budget for second reading.
The passage of the appropriation bill for the second reading followed a substantial debate on its general principles which had commenced on Thursday 30th November, 2023. Both chambers immediately suspended plenary, to dedicate their time to the budget defence sessions at committee levels.
The budget which is Tinubu’s first budget as the President of Nigeria was based on a non-debt recurrent expenditure of N9.92 trillion, while debt service was projected to be N8.25 trillion and capital expenditure is 8.7 trillion naira.
