Senate passes 2024 Appropriation Bill, increases budget by N1.2trillion

The 2024 Appropriations Bill was approved by the Senate, raising the budget from the N27.5 trillion that President Bola Tinubu had proposed to N28.7 trillion.

The upper legislative house enhanced the projected budget by almost N1.2 trillion.

The Senate Committee on Appropriations report was approved in plenary on Saturday, which led to the bill’s passage.

Senator Solomon Adeola stated during the report’s presentation that the committee used the National Assembly-approved Medium Term Expenditure Framework and Fiscal Paper, or MTEF/FSP, to prepare the budget.

He said that instead of the executive’s suggested exchange rate of 750 dollars to naira, the committee decided to accept the benchmark oil price of 77.96 dollars per barrel, or 1.78 million barrels per day.

He enumerated the bill’s highlights, which included a N9.9 trillion capital expenditure component, statutory transfers of N1.7 trillion, recurring expenditures of N8.7 trillion, and an overall expenditure total of N28.7 trillion.

He claimed that the committee and the executive worked closely together to process the bill.

He stated that the executive sent requests for additional funding of some expenditure items that should have been included in the bill as submitted by the President through the harmonic appropriations process.

However, he said that the committee had noted that the National Assembly did not receive the 2024 Appropriations Bill on time.

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