By Modupe Gbadeyanka
The request by President Bola Tinubu to increase the size of the 2024 budget by N6.2 trillion has been approved by the National Assembly.
Last week, Mr Tinubu asked the parliament to authorise him to spend an extra N6.2 trillion for this fiscal year, with an explanation that the funds would be from foreign exchange (FX) gains of banks in the country and others.
The legislative arm of government swung into action and on Tuesday, the two chambers of the National Assembly passed the Appropriation Act (Amendment Bill) 2024, increasing this year’s budget to N35.056 trillion from the initial N28.777 trillion.
It increased the one-time forex windfall levy to 70 per cent from the 50 per cent requested by President Tinubu.
From the additional approved funds, the President will use N3.223 trillion for capital expenditure and N3.000 trillion for recurrent expenditure.
Presenting the report of his committee to the Senate yesterday, the chairman of the Committee on Appropriation, Mr Solomon Adeola, said the additional funds sought by the President will benefit Nigerians.
He stated that the money is to achieve some 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.
According to him, there was the need to provide the government equity component of the Renewed Hope Infrastructure Projects and other critical projects to be undertaken across the country and other recurrent expenditure requirements, like the provision for the new minimum wage, among others, which necessitated the request for the Amendment of the 2024 Appropriation Act.