President Tinubu’s Proposed Budget Adjusted by N1.2 Trillion in National Assembly Approval

The National Assembly has approved the 2024 budget, increasing it by approximately N1.2 trillion from the initial proposal presented by President Bola Tinubu. The budget, which was raised from N27.5 trillion to N28.7 trillion, reflects adjustments to align with current market conditions. Notably, the benchmark for crude oil price was set at $77.96 per barrel, reflecting international market values. The approved budget includes an oil production rate of 1.78 million barrels per day and an exchange rate of N800 to a US dollar. Additionally, the GDP growth rate was fixed at 3.88 per cent, with a budget deficit of N9.18 trillion.

Senate President Godswill Akpabio announced the budget’s passage following strong support from lawmakers during a voice vote. The decision was based on a report presented by Chairman of the Senate Committee on Appropriations, Adeola Olamilekan, and a similar report presented by Chairman of the House Committee on Appropriation, Abubakar Bichi.

The recommendations included approving N1.7 trillion for Statutory Transfers, N8.2 trillion for Debt Service, N8.7 trillion for recurrent (non-debt) expenditure, and N9.9 trillion for capital expenditure. The increase in the budget was attributed to additional funding requests for items not initially listed in President Tinubu’s submission. The joint National Assembly Committee on Appropriation also noted inadequate funding in the budget allocations for some Ministries, Departments, and Agencies (MDAs) of the federal government.

The approved breakdown of the budget includes an aggregate expenditure of N28,777,404,073,861, statutory transfers of N1,742,786,788,150, recurrent expenditure of N8,768,513,380,852, and capital expenditure of N9,995,143,298,028, with a GDP growth rate of 3.88%.

After receiving the reports, both chambers of the National Assembly dissolved into the Committee of Supply, which considered and passed the budget.

Source: Premium Times