The National Assembly, consisting of both the Senate and the House of Representatives, has reviewed and amended the 2024 budget proposed by President Bola Tinubu.
The total expenditure of the budget has been increased from N28.7 trillion to N35 trillion.
The lion’s share of the budget went to Works, Defence and Agriculture and The budget amendment also included the passage of the Financial Act (Amendment) Bill for 2024.
The two chambers yesterday passed the 2024 amended Appropriation Act Bill (budget) of N35.05 trillion, with the approval of the N6.2 trillion adjustment requested by President Tinubu.
Last Wednesday, Tinubu had asked NASS to amend the existing budget of N28.77 trillion to provide N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure, amounting to N6.2 trillion.
The two chambers at plenary yesterday considered and approved the report of the Committee on Appropriations and passed the Appropriation Act Amendment Bill for third reading, approving the N6.2 trillion addition and jerking the figure to N35.05 trillion.
Of the total sum, N1.74 trillion is for statutory transfers, N8.27 trillion is for debt service, N11.26 trillion, for recurrent (non-debt) expenditure while N13.77 trillion is for contribution to the Development Fund for Capital Expenditure.
Of N1.74 trillion statutory transfers, the National Judicial Council (NJC) got the highest allocation of N341.62 billion followed by Niger Delta Development Commission (NDDC) with N338.92 billion; Universal Basic Education Commission (UBEC)- N263.04 billion; North East Development Commission (NEDC) – N131.836 billion; Basic Healthcare Provision Fund (BHPF) – N131.522 billion.
Under the capital expenditure, the Federal Ministry of Works topped with N1.404 trillion from the N892.46 billion, followed by the Federal Ministry of Agriculture and Food Security allocated N1.334 trillion from N857.14 billion, ministries of health – N486.45 from N485.55 billion; finance – N538.07 billion from N463 billion, education – N431.82 billion from N339.28 billion, defence – N389.28 billion from N339. 28 billion.
For the recurrent expenditure, the Ministry of Defence maintained the highest allocation of N1.308 trillion, followed by Ministry of Police Affairs with N869.120, Ministry of Education-N857.13 billion, Ministry of Health- N667.57 billion, Ministry of Interior – N362.55 billion and Ministry of Youth – 201.46 billion, National Security Adviser (NSA) – N199.76 billion and Ministry of Foreign Affairs – N140.456 billion.
Also at plenary, the House passed a bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Taxon Banks and provide for the Administration of the Tax and for Related Matters (HB. 1611).
President Tinubu had in a letter last Wednesday prayed the House to amend the Finance Act, 2023.
“The proposed amendments to the Finance Acts 2023 require a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all which are components of the Renewed Hope Agenda.”
