Ogasabi and 9am news reported that the Senate adopted the ₦6.2 trillion amendment to the 2024 Appropriation Act, boosting the national budget from ₦28.7 trillion to ₦35.055 trillion. Ogasabi highlighted that the amendments focus on critical infrastructure projects, not initially included in the 2024 appropriation, and the newly passed ₦70,000 national minimum wage.
The House of Representatives passed the modified 2024 budget of ₦35.5 trillion. President Bola Tinubu proposed this ₦6.2 trillion adjustment in his letter last week. Ogasabi, on 9am news Nigeria, noted that the approved amount reflects a ₦600 billion increase. Similarly, the House passed the minimum wage and police act amendment bills.
The request, detailed in a letter to Senate President Godswill Akpabio, was read during plenary on Wednesday. The president clarified that the move aligns with Section 58, sub-section two of the Federal Republic of Nigeria Constitution of 1999, as amended.
Furthermore, Tinubu explained that the proposed modifications to the Finance Act 2023 would impose a one-time windfall tax on foreign exchange gains reported by banks in their 2023 financial statements. This measure aims to fund capital infrastructure development, education, healthcare access, and public welfare programs. Ogasabi emphasized that these projects are vital components of the administration’s renewed hope agenda.
On January 1, 2024, Tinubu signed the ₦28.7 trillion 2024 Appropriation Bill, which passed the Senate. Subsequently, on May 29, 2024, the president announced he would present the 2024 Supplementary Budget to the National Assembly (NASS). The 9am news Nigeria highlighted this significant move in their coverage.
