Senate, Reps increase 2024 federal budget by N1.2bn to N28.78 trillion

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

This is just as the Senate increased and approved the same 2024 appropriation Bill of N28.7trillion, against the N27.5 trillion  estimate presented by President Bola Tinubu on Nov 29.

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

Both the Senate and the House of Representatives jerked up the budget estimates by N1.2 trillion from the N27.5 trillion presented by the President.

They 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 President.

Out of the N28.78 trillion aggregate expenditure passed, N1.74 trillion is for Statutory Transfer; N8.77 trillion is for Recurrent Expenditure; N9.99 trillion is for Capital Expenditure; and N8.27 trillion is for Debt Service.

The passage followed the consideration of the harmonized report of the joint National Assembly Committees on Appropriations by both chambers on the 2024 Appropriations Bill presented by its chairman, Senator Solomon Adeola (APC, Ogun West) in the Senate and Hon. Abubakar Kabir Bichi, Chairman House of Representatives Committee on Appropriations.