The House of Representatives has approved an amended 2024 budget totaling ₦35.5 trillion, an increase from the initial ₦28.7 trillion budget.
This adjustment reflects an addition of ₦6.2 trillion requested by President Bola Tinubu, though the final increase was ₦600 billion higher.
President Tinubu had submitted a letter to the Senate last week, requesting an amendment to the 2024 Appropriation Act and the 2023 Finance Act.
In the letter, he cited the need for additional funding for critical infrastructure projects and recurrent expenditure.
The letter, addressed to Senate President Godswill Akpabio and read during plenary, stated: “The Appropriation Act Amendment Bill 2024 seeks to amend the principal Act to provide the sum of ₦3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country. And the sum of ₦3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria.”
Additionally, Tinubu proposed amendments to the Finance Act 2023 to include a one-time windfall tax on foreign exchange gains realized by banks in their 2023 financial statements.
This measure aims to fund capital infrastructure development, education, healthcare access, and public welfare initiatives, all key components of his administration’s “Renewed Hope” agenda.
Alongside the budget amendment, the House also passed the minimum wage bill and the police act amendment bill, aligning with recent actions taken by the Senate.
Tinubu, who signed the original ₦28.7 trillion 2024 Appropriation Bill on January 1, 2024, had indicated on May 29, 2024, his intention to present a supplementary budget to the National Assembly to address these additional funding needs.
The increase in the budget reflects the administration’s commitment to addressing infrastructure deficits and enhancing public services, reinforcing the President’s agenda for national development.