The N6.2 trillion 2024 Appropriations Act Amendment Bill, which President Bola Tinubu submitted for review on July 17, was approved by the Senate on Tuesday during plenary.
This came after Solomon Olamilekan (APC-Ogun), the chairman of the Committee on Appropriations, presented and adopted the committee’s report on the measure.
In his presentation, Mr. Olamilekan stated that N3.2 trillion of the N6.2 trillion was allocated for capital expenditures, while the remaining N3 trillion was for ongoing expenses.
According to him, the goal of the 2024 Appropriations Act Amendment Bill was to increase funding available for national infrastructure development initiatives.
According to him, the law was also created to satisfy other ongoing spending needs, like raising the minimum wage, which is essential for efficient government.
He stated that during the bill’s processing, the committee held lengthy discussions on funding sources for the projects with the minister of budget and economic planning in addition to consulting extensively with other important parties.
He noted that the one-time windfall tax on banks’ foreign currency earnings for 2023, which was passed by the National Assembly, will be used to pay for the additional expenses included in the amendment law.
Godswill Akpabio, the president of the Senate, praised the members and the chairman of the appropriations committee for their prompt and thorough contribution on the bill.
He prayed that the amendment would bring about “renewed hope,” help Nigeria achieve its eldorado, and stop the labor union’s protests.
Mr. Akpabio prayed that Nigeria would benefit from the budget revision and praised Mr. Tinubu for the deal struck in the minimum wage dispute.
He thanked the legislators for their cooperative efforts, stating that they were selfless in the service of the country’s advancement.
