The Senate has approved the ₦6.2 trillion amendment to the 2024 Appropriation Act, raising this year’s national budget from ₦28.7 trillion to ₦35.055 trillion.
The capital and recurrent amendments focus on critical infrastructure projects that were not included in the 2024 appropriation, as well as the recently passed ₦70,000 national minimum wage.
The House of Representatives passed the modified 2024 budget of ₦35.5 trillion.
President Bola Tinubu proposed a ₦6.2 trillion adjustment in his letter last week.
The passed amount of ₦35.5 trillion represents a 600 billion increase.
Like the Senate, the House has passed the minimum wage and police act amendment bills.
Last Wednesday, President Tinubu requested the Senate to alter the 2024 Appropriation Act and the 2023 Finance Act, raising the budget by ₦6.2 trillion.
The request was contained in a letter submitted to Senate President Godswill Akpabio, which was read in plenary on Wednesday.
The president stated in the letter that the move was made in accordance with Section 58, sub-section two of the Federal Republic of Nigeria Constitution of 1999, as amended.
“I am submitting the bills listed above for consideration and passage by the Senate.
The Appropriation Act Amendment Bill 2024 aims to allocate ₦3.2 trillion for Renewed Hope and other important infrastructure projects around the country.
“And the sum of ₦3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria,” according to the letter.
Tinubu further stated that the proposed modifications to the Finance Act 2023 would levy a one-time windfall tax on foreign exchange gains reported by banks in their 2023 financial statements.
He emphasised that this was to fund capital infrastructure development, education, healthcare access, and public welfare programs.
The President stated that all of the projects are critical components of the administration’s renewed hope agenda.
On January 1, 2024, Tinubu signed the ₦28.7tn 2024 Appropriation Bill, which passed the Senate. On May 29, 2024, the president announced that he would present the 2024 Supplementary Budget to the National Assembly (NASS).