2024 Budget: Senate Repeals N35.056trn Appropriation Act

By Iyojo Ameh

The Senate has amended the 2024 Appropriation Act, which provided for N35.056 trillion in expenditure for the 2024 fiscal year.

The Upper Legislative Chamber rescinded its resolution on the Appropriations Act (amendment), 2024, passed on Tuesday, July 23, 2024 during as n emergency session on Wednesday.

The motion was sequel some legal issues discovered by the Directorate of Legal Services in the document.

The Senate observed that Clauses, 1, 13 and 14 of the Bill, as well as the long title and Explanatory Memorandum, need to be amended to reflect the intent of the Appropriation Act.

The proponent of the motion underscored the need to rescind the Senate decision on the Long Title, Explanatory Memorandum, and Clauses, 1, 13 and 14 of the Bill.

In line with existing legislative practice, the Bill was considered by the Committee of Supply.

During the emergency session the lawmakers also considered and passed a bill seeking to amend the Central Bank of Nigeria Act to increase the Central Bank of Nigeria’s total advances to the Federal Government from five per cent to a maximum of 10 per cent and for related matters.

The Bill, which was gazetted for first reading was given accelerated consideration and passed through third reading.