Upon President Bola Tinubu’s request to alter the 2024 Appropriations Act, The House of Representatives granted approval for a supplementary expenditure of ₦6.2 trillion towards the budget.
Following its rapid approval during the second reading, last week’s amendment bill has been forwarded to a more thorough appraisal by the House Committee on Appropriations.
During the House plenary session on Tuesday, a detailed report was presented by Abubakar Bichi, which led to approval from the committee’s chairman.
Last Wednesday, during a Senate plenary session, President Tinubu sent a letter to Senate President Godswill Akpabio requesting budget amendment. The proposed increase was ₦6.2 trillion.
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President Tinubu specified in his letter that the amendment was required under Section 58, sub-section two of the Nigerian Constitution to allocate ₦3.2 trillion for Renewed Hope infrastructure projects and other significant infrastructural development throughout Nigeria.
Moreover, expected revenue was used to finance ₦3 trillion set aside for fulfilling additional recurring expenses necessary for the efficient functioning of the Federal Government.
he Senate is requested to consider and pass the bills enclosed herewith.”
The proposed Appropriation Act Amendment Bill 2024 aims to modify the principal Act in order to allocate a total of ₦3.2 trillion towards funding crucial infrastructure projects, including the Renewed Hope initiative, throughout Nigeria.
According to the letter, “The Federal Government of Nigeria requires an additional ₦3 trillion in order to adequately fund recurrent expenditures and ensure smooth operation. This sum will be financed by anticipated revenue generated for the government.
