The Nigerian Senate passed the 2024 Appropriation Bill for second reading, moving the budget process to the next phase of legislative review and passage.
The so called “Renewed Hope’ Budget” was passed after various deliberations by senators who applauded the president for his good intentions for the country.
The proposed budget totals N27.5 trillion, representing a 6% increase over the 2023 budget.
It has been referred to the Committee on Appropriations after being put to a voice vote by the Deputy Senate President, Jibrin Barau, who presided over the session.
The Committee on Appropriations is chaired by Senator Solomon Adeola.
Senate President, Jibrin Barau commended his colleagues after the majority voted to pass the Appropriation Bill to the committee level. He urged the committees to engage revenue-generating agencies for improved independent funding.
The Senate Committees on Appropriation and Finance are expected to conclude hearings on budget defense from Ministries, Departments and Agencies (MDAs) this month. Both chambers of the National Assembly will then pass the final 2024 spending plan before the end of the year.
President Bola Tinubu had on Wednesday presented to a joint session of the National Assembly the budget which he named, “Budget of Renewed Hope.”
The President pegged the budget deficit for the 2024 fiscal year at N9.18 tn.
President said the deficit represents 3.88 percent of Nigeria’s gross domestic product.
