REPS PASSES AMENDED 2024 BUDGET FROM N28.7TN TO N35.5TN
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The N35.5tn modified 2024 budget was approved by the House of Representatives, representing an increase over the N28.7tn original budget.
In his letter from last week, President Bola Tinubu requested N6.2tn as an adjustment.
The N35.5tn passed indicates a N600bn increase.
Like the Senate, the House has likewise passed the bills amending the Police Act and raising the minimum wage.
Last Wednesday, President Tinubu asked the Senate to alter the 2024 Appropriations Act and the 2023 Finance Act by adding N6.2 trillion to the budget.
The request was made in a letter that was read aloud in plenary on Wednesday and was written to Godswill Akpabio, the Senate President.
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 N3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 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.
A one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements was mandated by Tinubu’s proposed modifications to the Finance Act 2023.
He clarified that this was to finance public welfare, education, healthcare access, and capital infrastructure development projects.
The president claims that each project is a crucial part of the administration’s renewed hope agenda.
On January 1, 2024, Tinubu gave his approval to the Senate’s N28.7 trillion 2024 Appropriations Bill. The president announced that he would deliver the 2024 Supplementary Budget to the National Assembly (NASS) on May 29, 2024.
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