Senate approves 2024 appropriation bill with a notable increase of over N1 trillion

In a significant development, the Senate has given its nod to the 2024 Appropriation Bill, amending the budget presented by President Bola Tinubu from N27.5 trillion to N28.7 trillion—a notable increase of about N1.2 trillion.

The approval of the bill came after the Senate Committee on Appropriation submitted its report during the Saturday plenary session. Senator Solomon Adeola, presenting the report, highlighted that the committee based its work on the Medium Term Expenditure Framework and Fiscal Paper (MTEF/FSP) approved by the National Assembly.

Adeola explained that the committee opted for a $77.96 per barrel oil benchmark, 1.78 million barrels per day, and an $800 exchange rate to the naira, deviating from the executive’s proposal of $750. The key features of the bill include a total aggregate expenditure of N28.7 trillion, statutory transfers amounting to N1.7 trillion, recurrent expenditure at N8.7 trillion, and a capital expenditure component totaling N9.9 trillion.

Emphasizing the collaborative effort with the executive during the appropriation process, Adeola noted that additional funding requests for certain expenditures were received from the executive, leading to a harmonious resolution.

However, he pointed out that the committee observed the tardiness in the presentation of the 2024 Appropriation Bill to the National Assembly. The timing issue underscores a potential challenge in the legislative scrutiny and approval process.

As Nigeria navigates through the intricacies of its budgetary landscape, the approved appropriation bill stands as a testament to the collaborative efforts between the executive and legislative arms of the government, albeit with a noteworthy increase in the allocated budget for the fiscal year 2024.