The Senate, on Tuesday, approved a ₦6.2 trillion amendment to the 2024 Appropriation Act, increasing the 2024 budget from ₦28.7 trillion to ₦35.055 trillion.
The amendment is based on a previous request by President Bola Tinubu in a letter to the lawmakers.
The supplementary figures would bridge any gap between the previously approved 2024 budget and the requirements of the proposed new minimum wage.
The new figures would cover any differential or any gap that would exist in terms of what existed before the 2024 budget was approved.
Earlier, the House of Representatives also approved the amended 2024 budget, raising the total to ₦35.5 trillion, an increase from the initial ₦28.7 trillion.
We Will Use ₦3tr Supplementary Budget To Fund New Minimum Wage – FG
The federal government has declared that the ₦3 trillion recurrent component of the ₦6.2 trillion supplementary budget before the National Assembly will largely be used to pay the new national minimum wage.
This was disclosed on Monday by the Minister of Budget and National Planning, Atiku Bagudu, while addressing the House of Representatives Committee on Appropriation chaired by Hon. Abubakar Bichi.
Bagudu explained that the ₦3.2 trillion capital component of the supplementary budget is meant as additional funding for priority projects in road, rail, water, irrigation and dam projects in the 2024 fiscal year.
According to him, some of the projects expected to benefit from the budget include the Lagos-Calabar, 1,000-kilometer road project for which the sum of N150 billion is required; the Sokoto – Badagry road projects, as well as rail project for which the Chinese government has provided 85 percent funding, while the Federal Government is yet to provide the 15 percent counterpart fund.
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