The Nigerian Senate has approved an amendment to the 2024 Appropriation Act, totalling N6.2 trillion for capital and recurrent expenditure in the 2024 fiscal year.

The amended bill, presented by Senator Michael Bamidele Opeyemi, allocates N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure, to be spent before the end of 2024.

At plenary on Wednesday, Senator Adamu Aliero, who represents Kebbi South, supported the amendment, stating it aligns with the Renewed Hope Agenda and will fund critical projects not captured in the principal Act.

He said passing the bill quickly is necessary to avoid strikes and address the minimum wage discussions with labour.

However, Senator Seriake Dickson disagreed, cautioning against rushing the bill to avoid pitfalls. He recalled public backlash from a previously passed bill and advocated for careful consideration. Dickson also suggested separating the Appropriation Act amendment from the Finance Act, 2023, amendment to ensure thorough scrutiny and public participation.

Senator Sani Musa, representing Niger North, supported taxing banks, citing their significant profits due to government policies. He believed banks should contribute to the country’s development.

He said: “Money bills are very important bills. The point is that if you look at the end of year report, you discover that commercial banks are making so much money despite the hardship pervading the country.

“I think banks should be well taxed because they make this profit out of the pronouncement made by this government. The reason for removing oil subsidy, the reason for abridging the gap is for the good of this country.”

After further contributions from senators, Deputy Senate President Jibrin Barau called for a voice vote, and the bill was passed for second reading