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*Raises 2024 Budget to N33.7tn
The National Assembly has approved President Bola Ahmed Tinubu’s N6.2 trillion request to be injected into the N27.5 trillion 2024 budget.
With the NASS approval, this year's budget has been increased to N33.7 trillion.
The budget injection would serve to enhance capital and recurrent expenditures.
The two chambers of the National Assembly, on Wednesday, gave accelerated consideration and approval.
Tinubu made the request to raise the budget via a letter read on the floor of the Senate by Senate President Godswill Akpabio during plenary on Wednesday.
The same letter was read on the floor of the House of Representatives.
Tinubu specifically sought the withdrawal of N3.2 trillion from the Consolidated Revenue Fund, for capital expenditure.
If the requested N6.2 trillion is injected into the N27.5 trillion 2024 budget, the 2024 budget size would increase to N33.7 trillion.
The letter was titled, “Transmission of Appropriation Amendment Bill 2024 And Finance Act Amendment Bill 2024 for Consideration.”
It read, “Pursuant to Section 58(2) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), I forward, herewith, the above-named 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 N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and N3,000,000,000 000 00 (Three Trillion Naira) to meet recurrent expenditure requirements necessary for the proper operation of the federal government, expenditure which is to be funded by expected revenues accruing to the federal government.
“Furthermore the proposed amendments to the Finance Act 2023 are required to impose a one-time windfall tax on the foreign exchange gains realised by banks in the 2023 financial statements to fund capital infrastructure development, education and healthcare access as well as public welfare initiatives all of which are essential components of the Renewed Hope Agenda
“While appreciating the Senate’s expeditious consideration of this submission, please accept, Distinguished Senate President, the assurances of my highest regard.”
The Senate consequently adjusted its rules to enable the red chamber to consider the bill for second reading.
The request for its presentation for second reading was presented by Senate Leader, Opeyemi Bamidele.
Bamidele, having moved for suspension of Senate Rules 78 to allow for the process of second reading, said the bills were first read on July 17, following transmission of the bills to the Senate by President Bola Tinubu.
He said the 2024 Appropriation Act Amendment bill sought to amend the authorisation of issuance from the Consolidated Fund Sum of N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure.
He stated that the amendments sought in the Finance Act 2023 were to impose a one-time windfall tax on the banks on foreign exchange gains realised in their 2023 financial statements.
Bamidele said the amendment to the Finance Act was also designed to further provide for general tax administration in the country.
He said the 2024 Appropriation Amendment bill was needed to fund “Renewed Hope” infrastructure projects and other critical infrastructure projects to be undertaken across the country.
The Senate leader said the bills were also needed to meet other recurrent expenditure requirements necessary for proper operation of federal government expenditure.
He informed his colleagues that the sum of N3.2 trillion would be for capital expenditure, while N3 trillion would go for recurrent expenditure, while both would be spent before the end of 2024.
Senator Adamu Aliero (PDP, Kebbi), who seconded the motion, said it was necessary to support the bill because of the expected minimum wage for workers.
He urged the lawmakers to pass the amendment, as the bill was required to source the required fund for minimum wage payment and infrastructure projects construction.
