The Senate has cleared the 2024 Appropriation Bill, boosting the budget from N27.5 trillion to N28.7 trillion as proposed by President Bola Tinubu.
The projected budget was enhanced by nearly N1.2 trillion by the upper parliamentary house.
The law was passed after the Senate Committee on Appropriations approved its report in plenary on Saturday.
Senator Solomon Adeola stated during the presentation of the report that the committee used the Medium Term Expenditure Framework and Fiscal Paper, MTEF/FSP, approved by the National Assembly in developing the budget.
He claimed that the committee selected the 77.96 dollar per barrel oil benchmark 1.78 million barrels per day and the 800 dollar exchange rate to naira as opposed to the 750 dollar offered by the government.
The bill’s features included a total aggregate expenditure of N28.7 trillion, statutory transfers of N1.7 trillion, recurrent expenditure of N8.7 trillion, and capital expenditure of N9.9 trillion.
According to him, the committee worked closely with the executive in the bill’s processing.
He stated that the executive forwarded a request for additional funding of some things on spending that were not included in the bill as filed by the President through the harmonic appropriation process.
He did, however, say that the committee noticed that the Appropriation Bill for 2024 was given to the National Assembly late.