UPDATE: Key Fundamentals of N28.7trn 2024 Appropriation Bill Passed by Senate

The Nigerian Senate has passed the 2024 Appropriation Bill.

The Senate also increased the bill by a total of N1.2tn, moving the budget from the N27.5tn submitted by President Bola Ahmed Tinubu to N28.7tn.

The budget was passed following a voice vote by the Senate President, Godswill Akpabio.

Before then, the Senate had considered the report of the Appropriation Bill presented by the Chairman of the Appropriation Committee, Senator Adeola Solomon.

Summary of Appropriation Bill

Capital expenditure — N9.9 Trillion

Recurrent expenditure– N8.7 Trillion

Debt Service – N8.2 Trillion

Statutory Transfers – N1.7 Trillion

Oil price benchmark – $77.96/barrel

Oil production rate – 1.78 million bpd

Exchange rate – N800 to a US dollar

Forecasted GDP growth – 3.88 %