N’Assembly passes N28.78tn 2024 budget, raises projected exchange rate

N’Assembly passes N28.78tn 2024 budget, raises projected exchange rate

The National Assembly on Saturday December 30 approved 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 earlier presented to them by President Bola Tinubu.

They also increased the exchange rate from N750 to N800 per dollar while the 1.78mbpd daily oil production, $77.96 oil benchmark price 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.

The passage followed the consideration of the harmonized report of the joint National Assembly Committees on Appropriations by both chambers on the 2024 Appropriations Bill presented by its chairman, Senator Solomon Adeola (APC, Ogun West) in the Senate and Hon. Abubakar Kabir Bichi, Chairman House of Representatives Committee on Appropriations.