The two chambers of the National Assembly, yesterday, approved for second reading bills for the amendment of 2024 Appropriation Act and the 2023 Finance Act.
At the House of Representatives, the proposed legislation, which was in the name of the House Leader, Julius Ihonvbere, was approved for second reading without debate. It consists of N3. 2 trillion for capital expenditure, while N3 trillion would be for recurrent expenditure.
The House had on December 31, 2024 passed a budget of N27. 5 trillion for the 2024 fiscal year. A breakdown of the Appropriation Act indicated that N1, 742,786, 788,150 was for statutory transfers; N8, 270, 960,606,831, debt servicing; N8, 768, 513, 380, 852, recurrent (non debt) expenditure and N9,995, 143,298,028 as contribution to development fund for capital expenditure.
A fortnight ago, the House extended the implementation of the capital component of the 2023 Appropriation Act and 2023 Supplementary Appropriation Act from June 30,2023 to December 31, 2024.
Nevertheless, the move to extend the implementation of the capital components of the 2023 Appropriation Act had generated diverse reactions from lawmakers, with some members kicking against it.
Prior to the passage of the 2024 Appropriation Act Amendment Bill, the House had gone into an executive session, which lasted for about an hour.
When the House resumed plenary, the Speaker, Tajudeen Abbas, said the executive session was to enable members discuss issues bordering on security and welfare of Nigerians.
Simultaneously, the Senate also passed the bill following presentation of the general principles of the bills by the Senate Leader, Opeyemi Bamidele (APC-Ekiti) at plenary.
Bamidele, having moved for suspension of Senate rules 78 to allow for process of second reading, said the bills were first read on July 17, following transmission of the bills to Senate by President Bola Tinubu.
He said the 2024 Appropriation Act amendment bill sought to amend the authorisation of issuance from the consolidated fund, N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure.
He said the amendments sought in the Finance Act 2023 was to impose a one-time windfall tax on the banks on the foreign exchange gains realised in their 2023 financial statements.
He said the amendment on the finance act was also designed to further provide for general tax administration in the country.
Bamidele said the 2024 appropriation amendment bill was needed to fund renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
He said the bill were also needed to meet other recurrent expenditure requirements, necessary for proper operations of Federal Government expenditure.
According to him, the expenditures will be funded by expected revenue accruing to the Federal Government of Nigeria.
This, he said, would help fund capital infrastructure development, education, health care access and public welfare initiatives.
He said all of the projects were essential components of the renewed hope agenda of the administration and would enhance the provision of critical needs of Nigerians.
Adamu Alero (PDP-Kebbi), who seconded the motion said it was necessary to support the bill because of the expected minimum wage for workers.
He urged the lawmakers’ to pass the amendment as the bill was required to source the required fund for minimum wage payment and infrastructure projects construction.
“Because there is no money in 2024 budget, if we don’t provide money for the minimum wage this month, there will be public outcry, Nigerians have been patient and have waited.”
He commended President Bola Tinubu for the bills, saying that its passage would also help in completion of legacy projects.
Deputy Senate President, Jibrin Barau, who presided over plenary, said the amendment sought in the 2024 Appropriation Act was designed to provide additional revenue to the 2024 budget revenue profile.
Seriake Dickson (PDP-Bayelsa) suggested that the bill should be stood down, advising on need to seek experts views on proposed imposition of taxes on banks.
Other senators who supported the bills included Garuba Maidoki (APC-Kebbi), Adetukunbo Abiru (APC-Lagos), Adams Oshomole (APC-Edo) and Sani Musa (APC -Niger).
Jibrin referred the bills separately to Senate Committees on Appropriations and Finance for further legislative inputs.
The Committees are to report back to plenary in one week.
The Sun
