The Senate on Tuesday at plenary, passed the 2024 Appropriation Act Amendment Bill of N6.2 trillion, presented for consideration by President Bola Tinubu on July 17.
This, followed presentation and adoption of report of 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 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.
He said the committee in the course of processing the bill consulted widely with other critical stakeholders and significantly deliberated with 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 year 2023 as approved by the National Assembly.
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 in the minimum wage saga, 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. (NAN)
