The Nigerian Senate has passed the nation’s budget for the 2024 fiscal year at
N28.7 Trillion, with an increase of about N1.2 trillion.

The lawmakers also approved an increase in the exchange rate to $ 800/$1 as against the N750/ $1 rate proposed by the executive. Crude oil price was pegged at $77.96 per barrel, crude oil production at 1.78 million barrels per day.

The passage of the budget was sequel to consideration of the report of the Senate Committee on Appropriation presented by the chairman, Senator Adeola Solomon.

In his presentation, the committee stated N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure. (Cue In: Sen Adeola On 2024 Budget)

Our Correspondent, Raliat Adenekan reports that the Senate President, Godswill Akpabio assured that the document would be immediately transmitted to the President for his assent so that implementation could begin by January 1.
(cue in: SP ON 2024 budget)

The Senate also approved President Tinubu’s request to borrow $7.8bn and €100 million as part of the 2022-2024 borrowing plan of the Federal Government.