{"id":135782,"date":"2023-12-30T22:30:00","date_gmt":"2023-12-30T22:30:00","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/30\/senate-passes-2024-budget-increases-it-by-n1-2trn\/"},"modified":"2023-12-30T22:30:00","modified_gmt":"2023-12-30T22:30:00","slug":"senate-passes-2024-budget-increases-it-by-n1-2trn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/30\/senate-passes-2024-budget-increases-it-by-n1-2trn\/","title":{"rendered":"Senate Passes 2024 Budget, Increases It By N1.2trn"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-887591\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/11\/Senate-1.jpg.webp.webp\" alt=\"\" width=\"1280\" height=\"719\"  \/><\/p>\n<p>The National Assembly on Saturday passed the 2024 Appropriation Bill proposed by President Bola Ahmed Tinubu.<\/p>\n<p>The budget size was increased from N27.5 trillion to N28.7 trillion \u2013 an addition of N1.2 trillion.<\/p>\n<p>The bill was passed for the third reading at the Senate after chairman of the Senate Committee on Appropriation, Solomon Olamilekan, presented a report for consideration.<\/p>\n<p>The budget has N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure.<\/p>\n<p>The appropriation bill was also passed for a third reading by the lower legislative chamber after Abubakar Bichi, Chairman of the Committee on Appropriations, presented a report.<\/p>\n<p>Bichi, while presenting his report, said a one-day town hall meeting where citizens made contributions to the budget was held.<\/p>\n<p><strong>READ ALSO: Anambra Businessman Requests 16 Soldiers, 20 Policemen, 12 DSS For Security Purpose<\/strong><\/p>\n<p>According to him the joint Committee on Appropriations worked closely with the executive on the budget<\/p>\n<p>Recall that on November 29, Tinubu gave a joint session of the National Assembly a budget proposal totaling N27.5 trillion and pegged the budget deficit for the 2024 fiscal year at N9.18 trillion.<\/p>\n<p>Tinubu stated, \u201cThe N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.<\/p>\n<p>\u201cThe 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.\u201d<\/p>\n<p>Meanwhile, the President must sign the budget within the next 24 hours in order to keep up with the January-December budget cycle.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1629641718\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The National Assembly on Saturday passed the 2024 Appropriation Bill proposed by President Bola Ahmed Tinubu. The budget size was increased from N27.5 trillion to N28.7 trillion \u2013 an addition of N1.2 trillion. The bill was passed for the third reading at the Senate after chairman of the Senate Committee on Appropriation, Solomon Olamilekan, presented [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":135783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-135782","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senate Passes 2024 Budget, Increases It By N1.2trn - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/30\/senate-passes-2024-budget-increases-it-by-n1-2trn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Passes 2024 Budget, Increases It By N1.2trn - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The National Assembly on Saturday passed the 2024 Appropriation Bill proposed by President Bola Ahmed Tinubu. The budget size was increased from N27.5 trillion to N28.7 trillion \u2013 an addition of N1.2 trillion. 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