The Nigerian National Assembly has repealed and re-enacted the 2024 Appropriation Act, incorporating an additional N6.2 trillion as requested by President Bola Ahmed Tinubu. This additional sum is aimed at funding
legacy capital projects and the new Minimum Wage of N70,000, raising the total budget from N28.7 trillion to N35.055 trillion.
During an emergency plenary, the Senate and the House of Representatives reenacted the law with the title “2024 Appropriation Act (Repeal and Reenactment) Bill,” passing it for the first, second, and third readings. This move followed a motion by Senate Leader Opeyemi Bamidele (APC, Ekiti-Central) and Chairman of the House Committee on Rules and Business, Francis Waive.
The motion highlighted the necessity for legal adjustments, specifically in Clauses 13 and 14 of the Bill, as well as the Long Title and Explanatory Memorandum, to accurately reflect the Act’s intent.
A budget breakdown shows:
N1.7 trillion for statutory transfers
N8.2 trillion for debt service
N11.2 trillion for recurrent expenditure
N13.7 trillion for capital projects
Additionally, the House experienced a heated session over the amendment to the Central Bank of Nigeria Act, which increases the Ways and Means limit from five to ten percent. Ways and Means allow the Federal Government to borrow from the CBN to meet short-term financial needs.
