In a surprising development, the Senate has made a substantial adjustment to the 2024 budget, elevating it by a staggering N1.2tn. This revision catapults the total budget from N27.5tn to a remarkable N28.7tn. The detailed breakdown includes an aggregate expenditure of N28,777,404,073.861, with statutory transfers amounting to N1,742,786,788,150, recurrent expenditure at N8,768,533,030,852, and capital expenditure reaching N9,995,143,298,028. Additionally, the GDP projection stands at 3.88%, as outlined in the comprehensive report submitted by the Appropriation Committee, spearheaded by Senator Solomon Adeola.
President Bola Tinubu had initially presented a budget proposal of N27.5tn on November 29 to a joint session of the National Assembly. However, the recent Senate decision has substantially altered the fiscal landscape. The President’s proposed budget deficit for the 2024 fiscal year, initially set at N9.18tn, is now subject to reevaluation in light of this significant budgetary adjustment. This unexpected move by the Senate is poised to have far-reaching implications, stirring discussions and raising questions about the economic and financial trajectory of the nation in the upcoming year. Stay tuned for further analysis and reactions to this groundbreaking development.
