Senate Passes 2024 Budget

The 10th Senate, under the leadership of Godswill Akpabio, has passed the 2024 appropriation bill.

Naija News gathered that the budget was passed after its size was increased from N27.5 trillion, as proposed by President Bola Tinubu, to N28.7 trillion.

The budget size was increased by N1.2 trillion.

The bill was passed for third reading after Solomon Olamilekan, chair of the senate committee on appropriation, presented a report for the consideration.

The budget passed has N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure.

The Senate President, Godswill Akpabio, who presided over the sitting, pointed out that Statutory transfers would be ₦1,742,786,708,150 , Debt Service would gulp ₦8,270,960,606,831; Recurrent non-debt expenditure would be ₦8,768,513,380,852 , while ₦9,995,143,298,028 would be for contribution to development fund for capital expenditure.

The borrowing plan was also approved by the Senate.

Akpabio noted that the document would immediately passed to the President so that implementation could begin by January 1.