Senate Approves Tinubu’s Request to Increase 2024 Budget by N6.2 Trillion

The Senate on Tuesday amended the 2024 Appropriation Act with an increase of N6.2 trillion for infrastructure projects across the country.

The Senate President, Godswill Akpabio, announced the amendment during the plenary after the senators supported it through voice votes.

The Committee of the Whole considered the clauses of the budget.

With the development, the 2024 budget size is now N35.05 trillion

Last week, President Bola Tinubu sought the approval of the National Assembly members to provide N3.2 trillion for infrastructure projects and N3 trillion for expenditure requirements in the 2024 budget.

The request was subsequently referred to the Committee on Appropriations for consideration.

At today’s plenary, the chairperson of the Committee on Appropriations, Olamilekan Adeola (APC, Ogun West), stressed the need to provide infrastructure projects across the country and other recurrent expenditures, such as the new minimum wage.

Mr Adeola explained that the increase will be financed with the one-time windfall tax on banks’ foreign exchange profits for 2023 as approved by the National Assembly.

The senator thereafter recommended the approval of the amendment.

With the addition, the breakdown of the 2024 budget is as follows: Statutory transfer – N1.74 trillion; debt service – N8.27 trillion; recurrent (Non-Debt) Expenditure – N11,26 trillion; and contribution to the development fund for capital expenditure – N13.77 trillion.

After presenting the report, the Senate president directed the senators to refer to the Committee of the Whole to consider the clause by clause.

At the Committee of the Whole, the Deputy Senate President, Barau Jibrin, commended the appropriations committee for looking into the budget.

Deputy Senate President, Barau Jibrin
Deputy Senate President, Barau Jibrin.
Mr Jibirin, thereafter, urged his colleagues to support the increase in the budget.

The senators voted overwhelmingly for the document amendment when Mr Akpabio put it to voice vote.

In his remarks, the senate president assured that Nigeria will be a better country with the new budget.

The Committee of the Whole considered the clauses of the budget.

With the development, the 2024 budget size is now N35.05 trillion.

Last week, President Bola Tinubu sought the approval of the National Assembly members to provide N3.2 trillion for infrastructure projects and N3 trillion for expenditure requirements in the 2024 budget.

The request was subsequently referred to the Committee on Appropriations for consideration.

At today’s plenary, the chairperson of the Committee on Appropriations, Olamilekan Adeola (APC, Ogun West), stressed the need to provide infrastructure projects across the country and other recurrent expenditures, such as the new minimum wage.

Mr Adeola explained that the increase will be financed with the one-time windfall tax on banks’ foreign exchange profits for 2023 as approved by the National Assembly.

The senator thereafter recommended the approval of the amendment.