President Bola Ahmed Tinubu’s 2024 Appropriation Bill which he dubbed the ‘Budget of Renewed Hope’ has been passed by the National Assembly on Saturday, after an increment in the initial sum earlier presented by the president in November 2022, from ₦27.5 trillion, to ₦28.7 trillion; a raise in amount of N1.2 trillion.
The President said it would ensure micro-economic stability, poverty reduction, greater access to social security, amongst others.
The President of the Senate, Godswill Akpabio, had assured Nigerians that the bill would be transmitted to the President for speedy passage into law for it to come into effect on January 1, 2024.
In the bill passed, the sum of 1,742,786,788,150 was earmarked for statutory transfers, 8,270,960,606,831 for debt servicing, 8,768, 513, 380, 852 for recurrent expenditure while 9,995,143,143,298,028 was for capital expenditure.
The Senate said that in order to accommodate further requests from the Executive for additional funding, the Committee on Appropriation made some adjustments to the bill.
Some of the adjustments made include foreign exchange differential, increase of GOE’s personnel reduction, reduction from Service Wide, Service Wide vote (wage adjustment) and Government-Owned Enterprises’ (GOEs’) revenue.
