2024 Budget Adjusted: House Of Reps Approves Minimum Wage And Police Act Bills

2024 Budget Adjusted: House Of Reps Approves Minimum Wage And Police Act Bills

The House of Representatives has approved the amended 2024 budget, raising the total to ₦35.5 trillion, an increase from the initial ₦28.7 trillion.

This decision comes after President Bola Tinubu sought an amendment to the budget in a letter sent to the House last week, requesting an additional ₦6.2 trillion.

The passage of the amended budget reflects an increment of ₦600 billion over the requested amount, showcasing the House’s commitment to addressing the country’s fiscal needs comprehensively.

In addition to passing the amended budget, the House has also approved the minimum wage bill and the police act amendment bill, aligning with similar actions taken by the Senate.

President Tinubu’s request for the budget amendment was articulated under Section 58, subsection 2 of the Nigerian Constitution, allowing for adjustments in the fiscal plan to meet the evolving economic demands and priorities of the nation.

The President’s letter, addressed to Senate President Godswill Akpabio and read at the plenary session on Wednesday, underscored the necessity of the budget increase to cater to various developmental projects and economic stabilization measures.

“I forward herewith the above bills for consideration and passage by the Senate.

“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,” the letter read.

Tinubu added that the proposed amendments to the Finance Act 2023 were required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements.

He explained that this was to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.

According to the President, all of the projects are essential components of the renewed hope agenda of the administration.

Tinubu had, on January 1, 2024, assented to the ₦28.7tn 2024 Appropriation Bill passed by the Senate. On May 29, 2024, the president said he would present the 2024 Supplementary Budget to the National Assembly (NASS).