Senate increases 2024 Budget by N6.2 trillion

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By Our Reporter

The Senate has approved a ₦6.2 trillion amendment to the 2024 Appropriation Act, increasing this year’s national budget from ₦28.7 trillion to ₦35.055 trillion.

The amendment addresses critical infrastructure projects omitted from the 2024 budget and includes provisions for the newly established ₦70,000 national minimum wage. The House of Representatives has also passed the revised 2024 budget of ₦35.5 trillion.

President Bola Tinubu proposed the ₦6.2 trillion adjustment in a letter last week, which represents a ₦600 billion increase in the budget. Additionally, the House has passed the minimum wage and police act amendment bills, following the Senate’s lead.

Last Wednesday, President Tinubu requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act, raising the budget by ₦6.2 trillion. This request was detailed in a letter submitted to Senate President Godswill Akpabio and read in plenary on Wednesday.

In the letter, the president stated that the move was made in accordance with Section 58, subsection 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 intends to allocate ₦3.2 trillion for Renewed Hope and other critical infrastructure projects nationwide. And the sum of ₦3 trillion to meet further recurrent expenditure requirements necessary for the proper operation of the Federal Government, to be funded by expected revenue accruing to the Federal Government of Nigeria,” the letter said.

Tinubu further noted that the proposed changes to the Finance Act 2023 would impose a one-time windfall tax on foreign exchange gains reported by banks in their 2023 financial statements. He emphasized that this measure is intended to fund capital infrastructure development, education, healthcare access, and public welfare programs.

The President asserted that these projects are critical components of the administration’s Renewed Hope agenda.

On January 1, 2024, Tinubu signed the ₦28.7 trillion 2024 Appropriation Bill, which had passed the Senate. On May 29, 2024, the president announced that he would present the 2024 Supplementary Budget to the National Assembly (NASS).