This budget marks an increase of N1.2tn from the initial proposal presented by President Tinubu to the joint session of the National Assembly on November 29, 2023. At that time, the President outlined a budget deficit of N9.18tn for the 2024 fiscal year, a figure significantly lower than the N13.78tn recorded in 2023, representing 6.11 per cent of the GDP.

President Tinubu shed light on the financing plan, revealing that the deficit would be covered by new borrowings amounting to N7.83tn, with an additional N298.49BN sourced from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.

Highlighting the importance of adhering to the January-December implementation cycle, President Tinubu expressed his commitment, stating, "Our goal is to ensure that the Appropriation Act comes into effect on January 1, 2024."

The budget underwent adjustments on December 29, 2023, when the Senate increased it by N1.2tn, pushing the total to N28.7tn. The Appropriation Committee, led by Senator Solomon Adeola, provided a breakdown, indicating aggregate expenditure at N28,777,404,073,861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768,5330,852; capital expenditure at N9,995,143,298,028, and GDP growth projected at 3.88 per cent.

President Tinubu's signing of the 2024 Appropriation Bill sets the stage for a new fiscal year, with hopes high for impactful development and progress in the nation's economic landscape.