BREAKING: Senate Passes N28.7tn As 2024 Appropriation Bill

Date:

The Senate has approved the sum of N28.7 trillion as the 2024 appropriation bill on Saturday, accepting a funding increase which the government had sought due to higher revenue forecasts and a weaker currency.

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The upper chamber passed the bill at the plenary on Saturday.

President of the Senate, Godswill Akpabio, assured that the bill will be transmitted to the President for expedited passage into law.

President Bola Tinubu had initially presented a 27.5 trillion naira budget to lawmakers, projecting a deficit of 3.9% of gross domestic product (GDP) and assuming an average exchange rate of 750 naira per dollar.

But at a special sitting on Saturday, the Senate and House of Representatives separately debated the budget and resolved to adopt it with the changes sought by the government.

The government said it expected more revenue from government-owned enterprises and now expected an average exchange rate of 800 naira to the dollar, which would boost export income. Economic growth is forecast at 3.88%.

Tinubu campaigned on a promise to revive the country’s struggling economy but Nigerians have endured increased hardships this year after the president removed a decades-old petrol subsidy and scrapped currency controls, helping to push inflation to its highest level in two decades.

The budget will be sent to Tinubu on Monday to be signed into law.

Nigeria has struggled with high deficits over the years due to low tax revenue and falling production of oil, its biggest export, forcing the government to borrow more.

Africa’s biggest economy is also in the grips of widespread insecurity, which has worsened in some places since Tinubu came to office. He is yet to spell out how to tackle the problem.

The lawmakers separately debated last week’s attacks by suspected herdsmen in central Plateau state, which left at least 140 people dead and resolved to invite security chiefs to explain the circumstances around the incident.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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