The 2024 budget in Nigeria has been raised by N1.2tn, reaching a new total of N28.7tn, as approved by the Senate.
Senator Solomon Adeola, heading the Appropriation Committee, outlined key figures: aggregate expenditure at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,5330,852; capital expenditure at N9,995,143,298,028, and GDP at 3.88%.
Initially proposed at N27.5tn by President Bola Tinubu on November 29, the budget now carries a deficit of N9.18tn, representing 3.88% of Nigeria’s GDP for the 2024 fiscal year.
Tinubu stated, “The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.
“The deficit will be financed by new borrowings totalling N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
AAN TV had earlier reported that the National Assembly will pass the budget today, Saturday.
