On Tuesday, July 23, the House of Representatives revised the 2024 appropriation bill, raising the budget from N28.777 trillion to N35.055 trillion.
This amendment followed the review of the House Committee on Appropriation’s report, which examined the President’s request for a supplementary budget of approximately N6.2 trillion.
The Chairman of the House Committee on Appropriation, who presented the committee’s report for consideration, stated that both the House and the Senate concurred on the increase.
The bill authorizes the release of N35,055,536,770,218 (thirty-five trillion, fifty-five billion, five hundred and thirty-six million, seven hundred and seventy thousand, two hundred and eighteen Naira) from the Consolidated Revenue Fund of the Federation.
Out of this total, N1.742 trillion is designated for Statutory Transfers, N8.270 trillion for Debt Service, N11.268 trillion for Recurrent (Non-Debt) Expenditure, and N13.773 trillion for the Development Fund for Capital Expenditure for the fiscal year ending December 31, 2024.
