The upper chamber of the 10th National Assembly under the leadership of Senator Godswill Akpabio on Saturday passed the 2024 appropriation bill.
The budget was passed after its size was increased from N27.5 trillion, as proposed by President Bola Tinubu, to N28.7 trillion
The bill was passed for a third reading after Solomon Olamilekan, Chairman of the Senate Committee on Appropriation, presented a report for consideration.
The budget passed has N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure.
The Senate President, Godswill Akpabio, who presided over the sitting, pointed out that Statutory transfers would be N1,742,786,708,150, Debt Service would gulp N8,270,960,606,831; Recurrent non-debt expenditure would be N8,768,513,380,852, while N9,995,143,298,028 would be for contribution to development fund for capital expenditure.
The borrowing plan was also approved by the Senate.
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