CurrentReport Blog The House of Representatives has passed the second reading of a bill to amend the 2024 Appropriation Act, adding ₦6.2 trillion to the budget. This follows a request from President Bola Tinubu, aimed at addressing critical infrastructure and recurrent expenditure needs.
The bill, titled “A Bill for an Act to Amend the Appropriation Act, 2024,” seeks to allocate ₦3.2 trillion for capital expenditure and ₦3 trillion for recurrent expenditure for the fiscal year ending December 31, 2024 (HB. 1610). Speaker Tajudeen Abbas, while reading President Tinubu’s letter at the plenary session, noted that the amendment will raise the 2024 budget from ₦28.7 trillion to ₦34.9 trillion.
In his letter, President Tinubu emphasized the need for the amendment to finance the Renewed Hope Infrastructure Projects and other essential projects nationwide. The breakdown includes ₦3.2 trillion earmarked for infrastructure projects and ₦3 trillion for recurrent expenditures necessary for federal government operations.
“The Appropriation Act Amendment Bill aims to amend the principal act to provide ₦3.2 trillion for infrastructure projects and ₦3 trillion for recurrent expenditures,” President Tinubu’s letter read. “These funds will be sourced from the Federal Government’s revenue.”
In a related development, the House also advanced a bill to amend the Finance Act of 2023, introducing a windfall tax on banks’ foreign exchange gains. This amendment aims to raise funds for capital infrastructure, education, healthcare, and welfare initiatives under the Renewed Hope Agenda.
President Tinubu, in his letter, highlighted the necessity of this one-time windfall tax on banks’ 2023 foreign exchange gains to support the country’s developmental goals.
Additionally, the House approved a ₦1.9 trillion budget for the Niger Delta Development Commission (NDDC). The budget allocates ₦38.5 billion for personnel expenditure, ₦29.2 billion for overhead costs, ₦8.8 billion for internal capital expenditure, ₦835.2 billion for development projects, and ₦1 trillion for legacy projects funded by borrowing, for the fiscal year ending April 30, 2025.
Hon. Erhiatake Ibori-Suenu presented the Committee on NDDC’s report, detailing the distribution of funds from the Statutory Revenue Fund of the NDDC. The House has considered and approved the report, emphasizing the substantial investment in development projects and legacy initiatives in the Niger Delta region.
