The National Assembly recently approved Nigeria's 2024 budget

The national assembly passed 2024 budget with an increase of N1.2 trillion

The National Assembly recently approved Nigeria's 2024 budget, increasing it from N27.5 trillion to N28.7 trillion.

The Senate adjusted the exchange rate to N800 per dollar and maintained the proposed oil production, benchmark price, and GDP growth rate. Olamilekan Adeola, APC, Ogun West, presented the Senate Committee on Appropriation's report, leading to the budget's passage.

President Bola Tinubu labeled the budget a "budget of renewed hope." It comprises a non-debt recurrent expenditure of N9.92 trillion, debt service projected at N8.25 trillion, and capital expenditure at N8.7 trillion. The breakdown of the approved 2024 budget includes statutory transfers at N1,742,786,788,150, debt service at N8,270,960,606,831, recurrent (non-debt) expenditure at N8,768,513,380,852, and contribution to the development of capital expenditure at N9,995,143,298,280.

The Senate dissolved into the Committee of Supply, passing the budget after a substantial debate on its general principles. Additionally, the Senate approved the securitization of outstanding 7.388 trillion Ways and Means, as requested by President Tinubu. This aims to reduce debt service costs and extend the repayment period, with specific parameters outlined by the Debt Management Office. The interest rate for securitized Ways and Means advances has been reduced to 9% per annum, with a 40-year tenor, 5% interest rate, and a 3-year moratorium on principal repayments.