Senate Rebuffs Rubber Stamp Claims, Alters Tinubu Budget Proposal, But Adeheres To His Deadline

In a significant development, the Nigerian Senate has given its nod to an increase of N1.2 trillion in the proposed 2024 budget, elevating the total budget from N27.5 trillion to N28.7 trillion.

GWG.ng reports that the alteration rebuffed popular assertions that the president had ordered the National Assembly not to alter the figures as presented. However, the Senate nevertheless heeded President Tinubu’s public injunction to the National Assembly to pass the budget before the end of the year despite the late presentation.

The Appropriation Committee, led by Senator Solomon Adeola, presented a comprehensive report detailing the adjustments, with the new aggregate expenditure set at N28,777,404,073,861.

The breakdown includes statutory transfers of N1,742,786,788,150; recurrent expenditure of N8,768,533,852; capital expenditure of N9,995,143,298,028, and a GDP growth rate projection of 3.88%.

President Bola Tinubu had initially proposed a budget of N27.5 trillion during his presentation to a joint session of the National Assembly on November 29. In his presentation, Tinubu outlined a budget deficit of N9.18 trillion for the 2024 fiscal year, equivalent to 3.88% of Nigeria’s gross domestic product (GDP). Notably, this deficit is lower than the N13.78 trillion recorded in 2023, representing 6.11% of GDP.

To cover the deficit, President Tinubu outlined a plan that includes new borrowings amounting to N7.83 trillion, N298.49 billion from Privatisation Proceeds, and a drawdown of N1.05 trillion on multilateral and bilateral loans secured for specific development projects.

The Senate’s approval of the increased budget signifies a critical step in the fiscal planning for the upcoming year, reflecting the government’s responsiveness to economic dynamics and priorities. As the nation awaits further details and the budget’s subsequent stages, this development holds implications for various sectors and initiatives outlined in the revised fiscal plan.
Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG