The entire expenditure profile of the budget has been jerked to N33.055 trillion by the Senate in an amendment to the N28.7 trillion 2024 Appropriations Act.
President Bola Tinubu had last week contacted the Senate, appealing for the rise.
President Tinubu requested approval last week to revise the N28.7 trillion 2024 budget, which was passed into law on January 1st, to N33.055 trillion in an Executive Communication to the Senate.
The President expressly requested in the communication that N3.2 trillion be taken out of the consolidated revenue pool for further capital expenditures and N3 trillion be taken out for additional recurrent expenditures, for a total of N6.2 trillion.
Sen. Olamilekan Adeola of the APC, Ogun West, chair of the Senate Committee on Appropriations, submitted a report, and the Senate subsequently approved N35.055 trillion as an amended aggregate expenditure profile for the 2024 budget.
The mandatory transfer of Ï N1.742 trillion and the debt service of å N8.270 trillion are the highlights of the modified budget.
Others include N11.268 trillion for recurring non-debt expenditure, and N13.773trillion.for contribution to a development fund for the capital expenditure for the year ending 31st December 2024.
As per the Committee’s report, the upwardly reviewed Appropriations Bill aims to fulfill various recurring expenditure requirements, like raising the minimum wage that is essential for the federation’s effective governance, and to provide more funds for the Renewed Hope Infrastructure Development Projects that will be implemented nationwide.
The Committee’s revenue predictions indicate that the one-time windfall tax on banks’ foreign exchange profits for 2023, which was authorized by the Senate, will be used to support the increased expenditures included in the Amendment Bill.
On sectoral allocation, under the recurrent expenditure component of the budget, Contingency recurrent has the biggest vote of N2.536 trillion, followed by the Ministry of Defence which has a sum of N1.308 trillion recommended for it.
Other ministries include the National Social Investment Program Agency (N200 billion), the Ministry of Education (N857 billion), the Ministry of Health and Social Welfare (N667.577 billion), and the Ministry of Police Affairs (N869.120 billion).
With a projected total of N1.404 trillion under the capital spending component, the Ministry of Works has the highest estimate, followed by the Ministry of Agriculture and Food Security with a projected value of N1.334 trillion.
The Ministry of Finance is worth N353.949 billion, the Ministry of Health and Social Welfare is worth N486.456 billion, the Ministry of Education is worth N431.829 billion, the Ministry of Power is worth N264.265 billion, the Aids and Grants funded projects are worth N685.632 billion, the Contingency (capital) is worth N200 billion, and the Zonal Intervention Projects are worth N100 billion, among others.
The Senate has recessed for its yearly vacation and will reconvene in plenary on September 17.
