Senate approves N28.7tn 2024 budget, increases estimate by N1.2tn

The 2024 Appropriation Bill, presented by President Bola Tinubu, has been successfully passed by the Senate during a plenary session on Saturday afternoon. The budget, initially set at N27.5tn by the President on November 29, 2023, has been increased by approximately N1.2tn, resulting in a total of N28,777,404,073,861.

Senate President Godswill Akpabio, who presided over the session, highlighted the approved allocations: Statutory Transfers at N1,742,786,708,150, Debt Service at N8,270,960,606,831, Recurrent Non-debt Expenditure at N8,768,513,380,852, and N9,995,143,298,028 for contributions to the development fund for capital expenditure.

Additionally, the borrowing plan proposed by the President has received Senate approval. Akpabio announced that the document would be promptly transmitted to the President for his assent, with the aim of commencing implementation by January 1.