Legislative Journey
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First Reading29 Nov 2023
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Second Reading1 Dec 2023
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Committee Report30 Dec 2023Appropriations
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Third Reading30 Dec 2023
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Current StatusAssented
Summary & Analysis
The 2024 Appropriation Bill, presented in late 2023, outlines the Nigerian government's financial plans for the year 2024. It was passed by the National Assembly on December 30, 2023. Key aspects include a projected revenue of ₦19.60 trillion, an aggregate expenditure of ₦28.78 trillion, and a deficit of ₦9.18 trillion. The bill, titled "Budget of Renewed Hope," also features a projected economic growth of 3.76% and a projected oil price per barrel of $77.96.
Here's a more detailed breakdown:
Projected Revenue: ₦19.60 trillion
Projected Expenditure: ₦28.78 trillion
Deficit: ₦9.18 trillion
Economic Growth: 3.76%
Oil Production: 1.78 million barrels per day
Oil Price per Barrel: $77.96
Exchange Rate: N750 to a Dollar
Inflation Reduction: 21.4%
Priority Sectors: Human Capital Development, Poverty Reduction, Infrastructure Provision, Pension, and proposed Wage Increase
Here's a more detailed breakdown:
Projected Revenue: ₦19.60 trillion
Projected Expenditure: ₦28.78 trillion
Deficit: ₦9.18 trillion
Economic Growth: 3.76%
Oil Production: 1.78 million barrels per day
Oil Price per Barrel: $77.96
Exchange Rate: N750 to a Dollar
Inflation Reduction: 21.4%
Priority Sectors: Human Capital Development, Poverty Reduction, Infrastructure Provision, Pension, and proposed Wage Increase