Senate passes N28.7tn budget for 2024, increases President’s proposal by N1.2tn
The Nigerian Senate has approved a budget of N28.7 trillion for the 2024 fiscal year, which is an increase of about N1.2 trillion from the N27.5 trillion presented by President Bola Tinubu to the National Assembly on November 29, 2023.
The Senate President, Godswill Akpabio, who presided over the plenary session, revealed that Statutory Transfers would be N1,742,786,708,150, Debt Service would gulp N8,270,960,606,831; Recurrent Non-debt Expenditure would be N8,768,513,380,852 while N9,995,143,298,028 would be for contribution to development fund for capital expenditure.
READ ALSO: National Assembly to pass 2024 budget on December 30
The Senate also approved the borrowing plan submitted by the President.
Akpabio stated that the document would be transmitted to the President for his assent so that implementation could begin by January 1.
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