The Senate has passed the 2024 Appropriation Bill, increasing the budget from the initial N27.5 trillion proposed by President Bola Tinubu to N28.7 trillion, marking an increase of about N1.2 trillion.
The approval of the bill came after the Senate Committee on Appropriation presented its report, which was endorsed during the plenary session on Saturday.
Senator Solomon Adeola, while presenting the report, stated that the committee based its deliberations on the Medium Term Expenditure Framework and Fiscal Paper (MTEF/FSP) approved by the National Assembly.

He noted that the committee made adjustments to the oil benchmark, setting it at 77.96 dollars per barrel, and the exchange rate to naira at 800 dollars, deviating from the executive’s proposal of 750 dollars.
Key highlights of the bill include a total aggregate expenditure of N28.7 trillion, statutory transfers of N1.7 trillion, and recurrent expenditure of N8.7 trillion. The capital expenditure component is set at N9.9 trillion.
Senator Adeola highlighted the collaborative efforts between the committee and the executive during the budgeting process.
He mentioned that the executive had requested additional funding for certain expenditures that were not initially included in the bill submitted by the President.
However, the committee noted that the 2024 Appropriation Bill was presented to the National Assembly late, impacting the time available for scrutiny and adjustments.
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