The House of Representatives has approved the revised 2024 budget, increasing it to ₦35.5 trillion, up from the initial ₦28.7 trillion. This change includes an additional ₦6.2 trillion requested by President Bola Tinubu in a letter he sent last week.
The approved budget now stands at ₦35.5 trillion, which is ₦600 billion more than initially planned. Besides the budget, the House has also passed the minimum wage bill and the police act amendment bill, mirroring actions taken by the Senate.
President Tinubu, on a recent Wednesday, asked the Senate to amend both the 2024 Appropriation Act and the 2023 Finance Act, proposing an increase of ₦6.2 trillion. This request was outlined in a letter to Senate President Godswill Akpabio and was read during a Senate session.
In his letter, President Tinubu cited Section 58, subsection two of the 1999 Nigerian Constitution (as amended) as the legal basis for his request. “I am forwarding these bills for consideration and passage by the Senate. “The Appropriation Act Amendment Bill 2024 aims to adjust the primary Act to allocate ₦3.2 trillion for the Renewed Hope infrastructure projects and other key infrastructure developments nationwide. Additionally, ₦3 trillion is designated to cover further recurrent expenditure needs essential for the Federal Government’s operations, to be financed by anticipated revenue accruing to the Federal Government of Nigeria,” the letter stated.
President Tinubu also highlighted the need for changes to the 2023 Finance Act to implement a one-time windfall tax on the foreign exchange gains that banks reported in their 2023 financial statements. He elaborated that this tax would help fund capital infrastructure development, education, healthcare access, and public welfare programs.
The President emphasized that all these projects are crucial parts of his administration’s renewed hope agenda. On January 1, 2024, President Tinubu signed the ₦28.7 trillion 2024 Appropriation Bill into law. He also mentioned on May 29, 2024, that he would present the 2024 Supplementary Budget to the National Assembly (NASS).
