By Funso Alarape
December 30, 2023
The National Assembly on Saturday, December 30, approved the sum of N28.78 trillion as budget for the 2024 fiscal year.
Both the Senate and the House of Representatives jerked up the budget estimates by N1.2 trillion from the N27.5 trillion presented by President Bola Tinubu.
They also increased the exchange rate from N750 to N800 per dollar while the 1.78mbpd daily oil production, US$77.96 oil benchmark price,ce, and GDP growth rate of 3.88% were approved as proposed by the President.
Out of the N28.78 trillion aggregate expenditure passed, N1.74 trillion is for Statutory Transfer; N8.77 trillion is for Recurrent Expenditure; N9.99 trillion is for Capital Expenditure; and N8.27 trillion is for Debt Service.
Meanwhile, the Senate assured that the President would sign the budget bill on Sunday, claiming that no law stopped the President from signing the budget on Sunday.