Senate passes N27.5tr 2024 Budget for second reading

The Senate has passed the N27.5trillion ‘Renewed Hope’ Budget for a second reading.

The Budget was passed on Friday after various deliberations by senators who applauded the president for his good intentions for the country.

It was referred to the Committee on Appropriations after being put to a voice vote by the Deputy Senate President, Jibrin Barau, who presided over the session. The Committee on Appropriations is chaired by Senator Solomon Adeola.

Recall that President Bola Tinubu had on Wednesday presented to a joint session of the National Assembly the Budget, which he named: “Budget of Renewed Hope”.

The President pegged the budget deficit for the 2024 fiscal year at N9.18 trillion, saying the deficit represents 3.88 percent of Nigeria’s Gross Domestic Product, (GDP).

He stated that the administration will limit the inflation rate to 21.4 percent in 2024, adding that tax and fiscal policies are currently being reviewed.

To fund the budget, the president stated that fresh loans would be collected while exploring public-private partnership arrangements to finance critical infrastructure.

Commenting on the Budget, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the budget of 27trillion is being financed less with deficit now than in the past.

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