National Assembly Adjusts 2024 Budget From ₦28.7tn To ₦35.5tn

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 amendment for capital and recurrent are for key infrastructure projects omitted in the 2024 appropriation and for the newly passed ₦70,000 national minimum wage.

Meanwhile, the House of Representatives has also passed the amended 2024 budget at ₦35.5trillion.

The amendment sought by President Bola Tinubu in his letter last week was ₦6.2tn.

The ₦35.5tn passed shows an increase of ₦600bn.

The House has also passed the minimum wage bill and the police act amendment bill, just like the Senate.

President Tinubu had last Wednesday, requested the Senate to amend the 2024 Appropriation Act, and the 2023 Finance Act by increasing the budget with ₦6.2tn.

The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday.

The president in the letter, said the move was under Section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.

“I forward herewith the above bills for consideration and passage by the Senate.

“The Appropriation Act Amendment Bill 2024 seeks to amend the principal Act to provide the sum of ₦3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across 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,” the letter read.

Tinubu added that the proposed amendments to the Finance Act 2023 were required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements.

He explained that this was to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.

According to the President, all of the projects are essential components of the renewed hope agenda of the administration.

Tinubu had on January 1, 2024, assented to the ₦28.7tn 2024 Appropriation Bill passed by the Senate. On May 29, 2024, the president said he would present the 2024 Supplementary Budget to the National Assembly (NASS).