The Senate passed the 2024 budget with a significant increase of about N1.2 trillion, raising it from N27.5 trillion to N28.7 trillion.
The oil price benchmark was set at $77.96 per barrel, with an approved oil production rate of 1.78 million barrels per day and an exchange rate of N800 to a US dollar.
The GDP growth rate was pegged at 3.88%, and the budget deficit was approved at N9.18 trillion.
The passage followed the consideration of a report presented by Chairman of the Senate Committee on Appropriations, Adeola Olamilekan, who recommended allocations for statutory transfers, debt service, recurrent expenditure, and capital expenditure.
The increase was attributed to additional funding requests for items not initially included in President Bola Tinubu’s budget proposal.
