Toba Owojaiye reporting
Abuja, Nigeria
The Senate has given the green light to a substantial N1.2tn increment in the 2024 budget, elevating it from N27.5tn to a new total of N28.7tn. The decision follows the submission of a report by the Appropriation Committee, led by Senator Solomon Adeola. The detailed breakdown of the budget includes an aggregate expenditure of N28,777,404,073,861, with statutory transfers amounting to N1,742,786,788,150, recurrent expenditure at N8,768,533,852, and capital expenditure reaching N9,995,143,298,028. The GDP is anticipated to grow at 3.88%.
This move comes after President Bola Tinubu initially proposed a N27.5tn budget on November 29. Notably, the President outlined a budget deficit of N9.18tn for the 2024 fiscal year, representing 3.88% of Nigeria’s GDP. Tinubu clarified that this deficit is a reduction from the N13.78tn deficit recorded in 2023, which was 6.11% of the GDP.
Truth Live News reports that the President outlined the financing strategy for the deficit, involving new borrowings totaling N7.83tn, N298.49bn from Privatisation Proceeds, and a N1.05tn drawdown on multilateral and bilateral loans designated for specific development projects.
This decision has sparked a division among netizens, with some condemning it as typical corruption-related padding, deeming it inappropriate amid economic challenges. On the flip side, there are those who argue that the senators might be attuned to the needs of the grassroots, potentially incorporating more people-centric projects. The Senate’s decision to raise the 2024 budget is thus met with both skepticism and support, reflecting a broader societal debate on fiscal priorities and governance.