UPDATE: Key Fundamentals of N28.7trn 2024 Appropriation Bill Passed by Senate
The Nigerian Senate has passed the 2024 Appropriation Bill.
The Senate also increased the bill by a total of N1.2tn, moving the budget from the N27.5tn submitted by President Bola Ahmed Tinubu to N28.7tn.
The budget was passed following a voice vote by the Senate President, Godswill Akpabio.
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Before then, the Senate had considered the report of the Appropriation Bill presented by the Chairman of the Appropriation Committee, Senator Adeola Solomon.
Summary of Appropriation Bill
Capital expenditure — N9.9 Trillion
Recurrent expenditure– N8.7 Trillion
Debt Service – N8.2 Trillion
Statutory Transfers – N1.7 Trillion
Oil price benchmark – $77.96/barrel
Oil production rate – 1.78 million bpd
Exchange rate – N800 to a US dollar
Forecasted GDP growth – 3.88 %