The Senate increased the 2024 budget by a total of N1.2tn, moving the budget from N27.5tn to N28.7tn.
President Bola Tinubu, on November 29, presented a total of N27.5 trillion in budget proposals to a joint session of the National Assembly.
The President pegged the budget deficit for the 2024 fiscal year at N9.18 trillion.
He said the deficit represents 3.88 percent of Nigeria’s gross domestic product
The deficit is to be financed by new borrowings totaling N7.83tn, N298.49BN from Privatisation Proceeds, and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects
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