Senate, Reps Pass N28.7tn As 2024 Appropriation Bill

The Senate has approved the 2024 appropriation bill with a sum of N28.7 trillion.

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

President of the Senate, Godswill Akpabio assured Nigerians that the bill would be transmitted to President Bola Tinubu for expedited passage into law for it to come into effect on January 1, 2024.

Tinubu had presented the 2024 budget estimates of N27.5trn to the National Assembly in late November.

The bill was christened the “Budget of Renewed Hope.” It aimed to ensure macroeconomic stability, poverty reduction, and greater access to social security, amongst others.

Likewise, the House of Representatives has passed the 2024 appropriation bill with the same sum of N28.7 trillion.

The bill was passed during plenary on Saturday, shortly after the Senate approved the same amount.

The passed bill allocates N1,742,786,788,150 for statutory transfers, N8,270,960,606,831 for debt servicing, N8,768,513,380,852 for recurrent expenditure, and N9,995,143,143,298,028 for capital expenditure.