Nigerian lawmakers approved a 28.77 trillion naira ($34 billion) budget for 2024 on Saturday, accepting a funding increase which the government had sought due to higher revenue forecasts and a weaker currency.

President Bola Tinubu had initially presented a 27.5 trillion naira budget to lawmakers, projecting a deficit of 3.9 percent of gross domestic product (GDP) and assuming an average exchange rate of 750 naira per dollar.

But at a special sitting on Saturday, the Senate and House of Representatives separately debated the budget and resolved to adopt it with the changes sought by the government.

The government said it expected more revenue from government-owned enterprises and now expected an average exchange rate of 800 naira to the dollar, which would boost export income. Economic growth is forecast at 3.88 percent.

Tinubu campaigned on a promise to revive the country's struggling economy but Nigerians have endured increased hardships this year after the president removed a decades-old petrol subsidy and scrapped currency controls, helping to push inflation to its highest level in two decades.

(With input from Reuters)