It was earlier reported that the Nigerian upper legislative chamber, the Senate commenced its special plenary on the consideration and passage of the 2024 Appropriation Bill.
The Senate on Saturday increased the 2024 Nigerian budget by a total of N1.2trillion, moving the budget from N27.5trillion submitted by President Bola Tinubu to N28.7trillion.
It was earlier reported that the Nigerian upper legislative chamber, the Senate commenced its special plenary on the consideration and passage of the 2024 Appropriation Bill.
The President had pegged the budget deficit for the 2024 fiscal year at N9.18 trillion.
Tinubu stated, “The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.
“The deficit will be financed by new borrowings totalling N7.83tn, N298.49BN from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”