In a landmark move, the Nigerian Senate has successfully passed President Bola Ahmed Tinubu's N49.7 trillion proposed budget for the 2024 fiscal year for its second reading. The budget, which is the largest in the nation’s history, aims to address key developmental priorities and drive economic growth in the face of global and domestic challenges.
The Senate session, held today, saw lawmakers engaging in robust deliberations on the budget proposal, which includes substantial allocations for infrastructure development, social services, security, and the diversification of Nigeria’s economy. Senators commended the proposed budget for its emphasis on critical sectors such as education, healthcare, and energy, as well as efforts to enhance domestic production and improve living standards across the country.
In his address, Senate President Godswill Akpabio lauded the government’s commitment to fiscal discipline and long-term economic stability. He emphasized the need for swift legislative action to ensure that the budget supports President Tinubu’s vision for national development. “This budget is a bold step toward addressing Nigeria’s economic challenges and creating opportunities for growth and prosperity,” Akpabio stated.
The Senate has scheduled a further review and public hearing on the budget before its final passage, after which the details will be sent to President Tinubu for final approval. Senators reiterated their commitment to ensuring that the budget is aligned with the needs of the Nigerian people, with a focus on transparency and accountability in its implementation.