Nigerian Senate Approves First Step of N6.2 Trillion Budget IncreaseNigerian Senate Considers N6.2 Trillion Budget Increase
Nigeria’s Senate is debating a N6.2 trillion increase to the 2024 budget. This amendment would allocate more money for government spending before the end of the year.
More Money for Spending
The proposed increase includes N3.2 trillion for capital expenditures, funding new projects, and N3 trillion for recurrent expenditures, covering ongoing government costs. Senator Michael Bamidele Opeyemi presented the amendment, arguing it aligns with the government’s “Renewed Hope Agenda.”
Supporters See Benefits
Some senators support the amendment. Senator Adamu Aliero believes it allows funding for critical projects missed in the original budget. He also suggests it addresses the ongoing minimum wage discussions with labor unions, potentially preventing strikes.
Concerns About Rushing the Process
However, not everyone agrees. Senator Seriake Dickson cautions against passing the bill hastily, fearing a repeat of public backlash over previous rushed legislation. He emphasizes the need for proper review and public hearings, particularly regarding the proposed bank taxes.
Taxing Bank Profits
The amendment also proposes a N500 billion tax on banks. Senator Sani Musa argues that banks’ high profits, evident in their financial reports, justify this tax. He connects these profits to government policies and believes banks should contribute more.
Next Steps
Following debates from several senators, the Deputy Senate President called for a vote. The amendment passed the second reading, but further discussions will likely take place before final approval.
