From News Editor

The National Assembly has approved the 2024 budget of 28.7 trillion naira covering capital, recurrent, debt service, statutory transfers, among others.

The budget was passed following a voice vote by the Senate President, Godswill Akpabio.

Before then, the Senate had considered the report of the Appropriation Bill presented by the Chairman of the Appropriation Committee, Senator Adeola Solomon.

The Senate pegged the Aggregate Expenditure at 28,777,404.073.861; Statutory Transfers -1,742,786,788,150; Recurrent Expenditure- 8,768.5330,852 ; Capital Expenditure-9,995,143,298,028 and GDP at 3.88%

Here is the breakdown of the budget: Capital (N9.9 Trillion), Recurrent (N8.7 Trillion), Debt Service (N8.2 Trillion), Statutory Transfers (N1.7 Trillion), Oil price benchmark ($77.96/barrel).

Others are: Oil production rate (1.78 million barrels per day), Exchange rate (N800 to $1), GDP growth (3.88 %).

Looking critically at two notable changes in the budget it is discovered that Capital expenditure increased by over 1 trillion while dollar is benchmarked to N800.