The Senate has passed the 2024 Appropriation Act Amendment Bill of N6.2 trillion presented for consideration by President Bola Tinubu on July 17.
This followed the presentation and adoption of the report of the Committee on Appropriations on the bill on Tuesday.
The report was presented by its Chairman, Senator Solomon Olamilekan (APC-Ogun).
He said in his presentation that out of the N6.2 trillion, N3.2 trillion was for capital expenditure, while N3 trillion was for recurrent expenditure.
Olamilekan said the 2024 appropriation act amendment bill sought to make available additional funds for the renewed hope infrastructure development projects to be undertaken across the country.
He said the bill was also designed to meet other recurrent expenditure requirements such as the minimum wage increase necessary for effective governance of the federation.
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He said the committee in the course of processing the bill consulted widely with other critical stakeholders and significantly deliberated with the Minister of Budget and Economic Planning on sources of funding the projects.
He said the additional expenditure contained in the amendment bill would be financed by the one-time windfall tax on banks’ foreign exchange profits for the year 2023 as approved by the National Assembly.
The President of Senate, Godswill Akpabio, commended the Chairman of the committee on appropriations and members for their expeditiously input on the bill.
He prayed that the amendment would enable Nigeria to reach its Eldorado and bring about the renewed hope and stem the tide of protest by the labour union.
Akpabio commended President Bola Tinubu for the agreement reached on the minimum wage, while praying that Nigeria would be better with the amendment on the budget.
He congratulated the lawmakers for their contributions, cooperation, saying that it was sacrificial to the development of the nation.