The National Assembly has approved the N6.2 trillion budget amendment bill for the third reading, allocating approximately N2 trillion to the Lagos-Calabar highway and other critical road projects. This bill was passed after Senator Olamilekan Adeola (APC, Ogun West), Chairman of the Senate Committee on Appropriation, presented his committee’s report on the 2024 Appropriation (Amendment) Bill.
President Bola Tinubu initially transmitted the bill to the Senate on July 17, 2024, proposing amendments to the Appropriation Act, 2024, with a total provision of N6.2 trillion. This includes N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure.
The bill allocates N700 billion for the coastal road running from Lagos to Calabar, traversing Lagos, Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom, and Cross River states. Additionally, the Port Harcourt to Maiduguri railway line will receive N530 billion, passing through states including Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe, and Borno.
Further allocations include:
- N200 billion for the African Trans-Sahara Highway (traversing Benue, Kogi, Nasarawa, and Abuja).
- N349 billion for water, irrigation, and dam development projects.
- N75 billion for the Livestock Development Programme.
Senator Adeola highlighted the need for the amendment to provide additional funds for the Renewed Hope Infrastructure Development Projects and other recurrent expenditure requirements, such as the minimum wage increase.
The bill was processed with consultations from the Minister of Budget and Economic Planning and relevant stakeholders, leading to its harmonized form being presented to and passed by the Senate after a voice vote by the Senate President.
Other key points of the amended budget include N1.742 trillion for statutory transfers and N8.27 trillion for debt service.
House of Representatives Approves N35.06tn
The House of Representatives has also passed a supplementary bill, increasing the 2024 Appropriation Act from N28.7 trillion to N35.06 trillion. This approval came after the House passed President Tinubu’s N6.2 trillion extra-budgetary proposal on July 17, 2024.
A breakdown of the N35.06 trillion for the 2024 fiscal year includes:
- N1.74 trillion for statutory transfers.
- N8.27 trillion for debt service.
- N11.2 trillion for recurrent expenditure.
- N13.77 trillion as a contribution to the Development Fund for capital expenditure.
Chairman of the House Committee on Appropriation, Abubakar Bichi, presented the harmonized joint Senate and House report on the budget, urging the adoption of the Committee’s recommendations.
