By Obafemi Oredein
Special to Dow Jones Newswires
IBADAN, Nigeria-Nigerian President Bola Ahmed Tinubu signed the country's 2024 budget of 28.7 trillion Nigerian naira ($31.9 billion) into law on Monday.
The budget amount rose by NGN1.2 trillion from the appropriation bill estimates of NGN27.5 trillion Tinubu presented to the national assembly in November, reflecting additional funding requests.
The budget was passed in a joint session of the Senate and the House of Representatives on Saturday.
Some of the key estimates in the budget are capital expenditure of NGN10 trillion, recurrent expenditure NGN8.8 trillion, debt service of NGN8.2 trillion and statutory transfers NGN1.7 trillion, Ajuri Ngelale, special adviser on media and publicity to the president, said.
While presenting the budget, Tinubu had set oil-production estimates at 1.78 million barrels a day, an oil price benchmark of $77.96 a barrel for 2024 and inflation rate of 21% compared with the 27.3% for October 2023.
Nigeria's 2023 budget amount was NGN24.82 trillion.
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(END) Dow Jones Newswires
01-02-24 0543ET
