The House of Representatives approved a supplementary bill on Tuesday to raise the 2024 Appropriation Act from N28.7 trillion to N35.06 trillion.
This increase follows President Bola Tinubu’s N6.2 trillion extra-budgetary proposal, which was passed by the House on July 17. The bill, which includes Clauses 1 to 13, successfully passed its third reading in the Committee of Supply.
The revised 2024 fiscal year budget allocates N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.2 trillion for recurrent expenditure, and N13.77 trillion for the Development Fund dedicated to capital expenditure.
During the debate, Abubakar Bichi, Chairman of the House Committee on Appropriation, presented the harmonized joint Senate and House report. Bichi urged his colleagues to adopt the committee’s recommendations.
Speaking to journalists after the budget’s passage, Bichi highlighted key aspects of the budget. “As you can see, we have passed the N6.2 trillion budget proposed by Mr. President, focusing on renewed hope,” he said. “N3.2 trillion is allocated for capital expenditure, while approximately N3 trillion is for recurrent expenses.”
Bichi emphasized the importance of infrastructure projects, such as the Lagos-Calabar coastal highway and the Sokoto-Badagry highway, covering about 700 kilometers and 1,000 kilometers respectively. Additionally, strategic rail projects running through Abuja, Katsina, Kaduna, Kano, and up to Maradi in Niger Republic will be funded from the budget.
He assured that the parliament is committed to working with various Ministries, Departments, and Agencies to ensure full implementation of the budget. “We engaged with the Minister of Budget and implementation agencies, including the Ministers of Transportation, Works, and Water Resources. They have promised 100% implementation once the budget is passed,” Bichi stated.
Regarding the N3 trillion allocated for the N70,000 minimum wage, Bichi confirmed that the calculations were thorough. “We ensured the figure is adequate to cover the minimum wage until December 31,” he said, adding that Nigerians can expect the dividends of democracy from this budget increase.
