June 25, 2024

Central News

at the center of it

Tinubu gets N28.8trn to spend in 2024

DON’T let nobody confuse you: Nigeria’s 2024 budget is worth N28.777 trillion. President Bola Ahmed Tinubu had projected N27.5 trillion.
Saturday the Senate increased the budget from N27.5 trillion presented by Tinubu in November to N28.7 trillion.
The House of Representatives has already concurrently stamped the new estimates. It only needs the president’s scrawl to become law.
The Senate on Saturday passed the 2024 budget with an increase of about N1.2 trillion. It increased the budget from N27.5 trillion presented by President Tinubu to N28.7 trillion.
Nigeria’s “red” legislative chamber also pegged the benchmark of oil price at $77.96/barrel of crude to reflect current market values of the product in the international market.
All the alterations to the original budget estimates have also been corroborated by the HoR.
Federal lawmakers approved the oil production rate of 1.78 million barrels per day and the exchange rate of N800 to a US dollar.
Gross Domestic Product (GDP) growth rate is pegged at 3.88% and the budget deficit is approved at N9.18 trillion.
It might be curious that both the Senate and HoR sat on a Saturday.
Senate President Godswill Obot Akpabio announced passage of the budget after the majority of the lawmakers supported it through a voice vote.
It was passed after considering a report by Senate Committee on Appropriations chairman Adeola Olamilekan (APC, Ogun West).
Olamilekan says his committee recommends that N1.7 trillion be approved for Statutory Transfers and N8.2 trillion be approved for debt service.
He explains that the increase in the estimates is as a result of a request for additional funding of items which were not listed in the Appropriation Bill as submitted by President Tinubu.
He says the joint National Assembly Committee on Appropriations observed inadequate funding in the budgetary allocations of some ministeries, departments and agencies (MDAs).