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Nigeria's Senate Passes 2024 Budget's Second Reading

The Senate on December 1, 2023 passed for second reading the 2024 Appropriation Bill of U.S.$34 billion (N27.5 trillion) presented before the joint session of the Senate and House of Representatives by President Bola Tinubu on Wednesday, November 27, 2023, Vanguard reports.

The Budget was received with widespread criticism from citizens grappling with a cost-of-living crisis.

The Budget allocates about U.S.$38 million for the presidential air fleet, vehicles, and the renovation of residential quarters for the president, vice president, and the president's wife.

The House of Representatives rejected the government's plan to buy a U.S.$6.1 million presidential yacht, which had been criticised by Nigerians as a waste of money on luxuries during an economic crisis. The yacht was listed under the U.S.$53 million Budget allocated to the Nigerian Navy but it was moved to the student loan section by the House.

Meanwhile, Finance Minister Wale Edun, has said that the country cannot continue relying on borrowing to fund its annual budgets, pressing the government to adopt alternative financing strategies to address its budgetary challenges.

President Bola Tinubu took office in May 2023 with a promise to cut waste and ease people's financial hardship. Nigeria's annual inflation rose to 26.7% in September, according to official statistics.

InFocus

Asiwaju Bola Ahmed Tinubu / Facebook

President Bola Tinubu of Nigeria

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