Senate Passes N6.2trn 2024 Appropriation Act Amendment Bill
•By Our Reporter
ABUJA – The Senate on Tuesday passed the sum of N2.6t trillion as contained in the 2024 Appropriation Act Amendment Bill.
The bill, which was presented for consideration by President Bola Tinubu on July 17, sought to make available additional funds for the renewed hope of infrastructure development projects across the country.
RELATED POSTS
Senate Summons Minister, Others Over Stranded Nigerians Students Abroad
Senate, Reps Pass New Minimum Wage Bill
Senate, Reps Pass New Minimum Wage Bill
The Senate’s action followed the presentation and adoption of a report of the Committee on Appropriations on the bill by its Chairman Sen.Solomon Olamilekan (APC-Ogun).
Olamilekan in his presentation said out of the N6.2 trillion,N3.2 trillion was for capital expenditure, while N3 trillion was for recurrent expenditure.
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.
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.
President of the 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 El-dorado 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 in the minimum wage saga, while praying that Nigeria would be better with the amendment on the budget.
ALSO READ
Senate Summons Minister, Others Over Stranded Nigerians Students Abroad
Budget Padding Allegation: Senate Recalls Ningi On Compassionate Grounds
He thanked the lawmakers for their contributions, cooperation, saying that it was sacrificial to the development of the nation.
•INDEPENDENTNG.