Abuja – December 30, 2023
In a significant development, the Senate has passed the 2024 Appropriation Bill, approving a budget increase from the N27.5 trillion initially presented by President Bola Tinubu to a revised sum of N28.7 trillion. The upper legislative chamber endorsed the proposed budget after considering the report of the Senate Committee on Appropriation during a plenary session on Saturday.
Senator Solomon Adeola, presenting the committee’s report, highlighted key adjustments made during the budget review. The committee adopted the Medium Term Expenditure Framework and Fiscal Paper (MTEF/FSP) approved by the National Assembly in preparing the budget. Notably, the committee revised the oil benchmark to 77.96 dollars per barrel, set the daily oil production at 1.78 million barrels per day, and adjusted the exchange rate to 800 dollars to the naira, deviating from the 750 dollars proposed by the executive.
The major components of the passed budget include a total aggregate expenditure of N28.7 trillion, statutory transfers of N1.7 trillion, recurrent expenditure amounting to N8.7 trillion, and a capital expenditure component standing at N9.9 trillion.
Senator Adeola acknowledged that the committee closely collaborated with the executive during the budgetary process. He mentioned that additional funding requests for specific items not initially included in the bill were submitted by the President during the harmonious appropriation process.
However, he also highlighted a concern raised by the committee regarding the timing of the presentation of the 2024 Appropriation Bill to the National Assembly, noting that it was presented late.