Breaking: Senate Gives Nod To Augmented 2024 Budget

As per the Appropriation Committee, headed by Senator Solomon Adeola, the proposed aggregate expenditure for the 2024 fiscal year is set at N28,777,404,073,861…CONTINUE READING

The breakdown includes statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,533,030,852; capital expenditure at N9,995,143,298,028, with a projected GDP growth rate of 3.88%.

President Bola Tinubu presented a budget proposal of N27.5 trillion on November 29 during a joint session of the National Assembly.

The budget deficit for the fiscal year 2024 is estimated at N9.18 trillion, equivalent to 3.88% of Nigeria’s GDP. Tinubu explained that the deficit is lower than the N13.78 trillion recorded in 2023, representing 6.11% of GDP.

The deficit is intended to be covered by new borrowings of N7.83 trillion, N298.49 billion from Privatisation Proceeds, and N1.05 trillion from drawdown on multilateral and bilateral loans secured for specific development projects.