The Senate has amended the N28.7.trillion 2024 Appropriation Act by jerking the total expenditure profile of the budget to N33.055 trillion.
President Bola Tinubu had last week written the Senate, requesting for the increase.
In an Executive Communication to the Senate last week, President Tinubu sought approval on the amendment of the N28.7 trillion 2024 budget signed into law on the 1st of January 2024 to N33.055 trillion.
In the Communication, the President specifically asked for the withdrawal of N3.2 trillion from the consolidated revenue fund as additional capital expenditure and N3 trillion as additional recurrent expenditure, totalling N6.2 trillion.
Following the report by the Chairman, Senate Committee on Appropriations, Senator Olamilekan Adeola, APC, Ogun West, the Senate thereafter approved N35.055 trillion as an amended aggregate expenditure profile for 2024 budget.
Highlights of the amended budget, are ÷ N1.742trillion for statutory transfer and N8.270trillion for Debt service.
Others are N11.268 trillion for recurrent non-debt expenditure, and N13.773trillion.for contribution to a development fund for the capital expenditure for the year ending 31st December 2024.
According to the Committee in the report, the objective of the upwardly reviewed Appropriation Bill seeks to among others, make available additional funds for Renewed Hope Infrastructure Development Projects, to be undertaken across the country and to meet other recurrent expenditure requirements, such as the minimum wage increase necessary for effective governance of the federation.
On revenue projections, the Committee said that the additional expenditure contained in the Amendment Bill will be financed by the one-time windfall tax on banks’ foreign exchange profits for the year 2023 as approved by the Senate.
On sectoral allocation, under the recurrent expenditure component of the budget, Contingency recurrent has the highest vote of N2.536 trillion, followed by the Ministry of Defence which has a sum of N1.308 trillion proposed for it.
Others are the Ministry of Police Affairs, N869.120 billion, the Ministry of Education N857billion, Ministry of Health and Social Welfare N667.577 billion, National Social Investment Programme Agency, N200 billion etc.
Under the capital expenditure component, the Ministry of Works has the highest projected sum of N1 404 trillion, followed by the Ministry of Agriculture and food security with the projected sum of N1.334 trillion.
Others are the Ministry of Health and Social Welfare, N486.456 billion, Ministry of Education, N431. 829billion , Ministry of Finance N353.949billion , Ministry of Power N264.265billion , Aids and Grants funded projects N685 . 632billion , Contingency ( capital ) N200billion , Zonal Intervention Projects N100billion etc.
Meanwhile, the Senate has adjourned for its annual Vacation to resume plenary on September 17th.
Vanguard
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