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.
