The 2024 Appropriation Bill has been approved by the Senate, marking an increase in the budget from the initially proposed N27.5 trillion by President Bola Tinubu to N28.7 trillion. The upper legislative chamber augmented the budget by approximately N1.2 trillion. The bill’s passage occurred following the endorsement of the Senate Committee on Appropriation’s report during a plenary session on Saturday.
Senator Solomon Adeola, while presenting the report, indicated that the committee adopted the Medium Term Expenditure Framework and Fiscal Paper (MTEF/FSP) approved by the National Assembly in formulating the budget. The committee embraced a 77.96 dollar per barrel oil benchmark, 1.78 million barrels per day (mbpd), and an 800-dollar exchange rate to the naira, deviating from the executive’s proposed 750 dollars.
Key points of the bill include a total aggregate expenditure of N28.7 trillion, statutory transfers of N1.7 trillion, recurrent expenditure of N8.7 trillion, and a capital expenditure component amounting to N9.9 trillion. Senator Adeola highlighted the collaborative effort between the committee and the executive during the appropriation process, noting that the executive submitted additional funding requests for certain expenditures not initially included in the President’s bill.
However, the committee observed that the 2024 Appropriation Bill was presented to the National Assembly at a later stage.
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