2024 Budget Will Be Passed Before December 30 – Abbas

The 2024 budget will be passed on Saturday, December 30, the Speaker of, the House of Representatives, Tajudeen Abbas said on Tuesday.

Honourable Abbas, made this disclosure during the plenary session following the resumption of the green chamber after a brief recess to allow committees to scrutinise the budget estimates submitted by President Bola Tinubu.

The Speaker however did not reveal the figure finally agreed on as it will still harmonise its position with the Senate.

President Tinubu presented a budget of N27.5 trillion to a joint section of the National Assembly on November 29 in Abuja.

The President pegged the budget deficit for the 2024 fiscal year at N9.18tn and explained that the deficit represented 3.88 per cent of Nigeria’s gross domestic product.

“The N9.18tn deficit is lower than the N13.78tn deficit recorded in 2023 which represents 6.11 per cent of GDP.

“The deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from privatisation proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects,” Tinubu had stated.

On December 1, 2023, the Senate passed the N27.5tn budget for a second reading.