Bills for amendment of 2024 Appropriation Act, 2023 Finance Act pass second reading in Senate
By Haruna Salami
Two bills for the amendment of 2024 Appropriation Act and 2023 Finance Act have passed for second reading in the Senate.
The first is a bill for an Act to amend the 2024 Appropriation Act to authorise the issue from the Consolidated Revenue Fund of the Federation the Total sum of N3.2 trillion for Capital Expenditure and N3 trillion for recurrent expenditure for the year ending on the 31st day of December, 2024.
The second is “A Bill for an Act to Amend the Finance Act, 2023 to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto, 2024.
The bills, which are from Tinubu (executive bills) were sponsored by the Senate Leader, Opeyemi Bamidele (Ekiti Central.
Leading the debate on the general principles of the two bills at plenary Wednesday, Bamidele, having moved for suspension of Senate rules 78 to allow for process of second reading, said the bills were first read on July 17 (same day) following transmission of the bills to Senate by President Bola Tinubu.
He said the amendment on the Finance Act was also designed to further provide for general tax administration in the country.
Bamidele said the 2024 Appropriation Amendment Bill was needed “to fund renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country”.
He said the bills were also needed to meet other recurrent expenditure requirements, necessary for proper operations of Federal Government expenditure.
According to him, the expenditure will be funded by expected revenue accruing to the Federal Government of Nigeria.
This, he said fund would help fund capital infrastructure development, education, health care access and public welfare initiatives.
According to him all of the projects are essential components of the renewed hope agenda of the administration.
He said all the projects earmarked are laudable and would enhance the provision of critical needs of Nigerians.
Sen.Adamu Aliero, (Kebbi Kebbi), who seconded the motion said it was necessary to support the bill because of the expected minimum wage for workers.
He urged the lawmakers’ to pass the amendment as the bill was required to source the required fund for minimum wage payment and infrastructure projects construction.
“Because there is no money in 2024 budget,if we don’t provide money for the minimum wage this month, there will be public outcry, Nigerians have been patient and have waited.”
Aliero commended President Bola Tinubu for the bills, saying that its passage would also help in completion of legacy projects.
Senator Serieke Dickson (Bayelsa West) said the two bill cannot be considered the way they were presented. Although he said nobody was not opposed to amendment to 2024 Appropriation Act, he said the amendment to the Finance Act needed to considered with utmost care so as not to impose more taxes on the banks that are struggling to recapitalise as that will negatively impact on the economy. He moved that amendment to Finance Act be stood down.
However, Senator Sani Musa (Niger East), chairman of Senate Committee on Finance said money bills are very important bills, and although they needed to be careful, “if you see how these banks declare profits in their end of the year report, you will be amazed”, adding that “if they are taxed to provide infrastructure, so be it. He said the abridging of the gap in forex, an action of the present administration brought a lot of goodwill to the banks.
Senator Adams Oshiomhole (Edo North) who commended President Bola Tinubu for the “bold steps he has taken whether in the withdrawal of fuel subsidy and the obvious anticipated hardship and of course the foreign exchange rate wondered how all the policies will benefit the ordinary Nigerians.
He said “to allow the rich go with all their wealth and leave the poor where they are amounts to short-sightedness” on the part of leadership.
Deputy President of the Senate, who was presiding plenary at that moment said the amendment sought in the 2024 Appropriation Act was designed to provide additional revenue to the 2024 budget revenue profile.
Other senators, who supported the bills include Senator Garba Maidoki (Kebbi South) Adetukunbo Abiru (Lagos East)
Deputy President of Senate, Sen.Barau Jibrin (Kano North), after the bills passed second reading referred the bills separately to Senate Committees on Appropriations and Finance for further legislative inputs to report back to plenary in one week.
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