The Nigerian Senate on Wednesday passed for second reading, an amendment to the 2024 Appropriation Act to the tune of N6.2 trillion for capital and recurrent expenditure for the 2024 fiscal year.

The amended bill was presented to the Senate by Senator Michael Bamidele Opeyemi, indicating that the sum of N3.2 trillion is for capital expenditure, while N3 trillion goes for recurrent expenditure, to be spent before the end of 2024.

In his contribution, Senator Adamu Aliero representing Kebbi South, said the amendment, which would create opportunity for funding of critical projects that were not captured in the principal Act, was in tandem with the Renewed Hope Agenda.

He reminded the Senate that the amendment will take care of the minimum wage that is being discussed with labour, adding that it was important that senators expeditiously pass it into law to avoid strike.

Speaking on the bill, Senator Seriake Dickson differed, saying that the Senate should not pass the bill in a hurry to avoid pitfalls.

He recalled the backlash from the public over a bill he said was previously passed in a hurry, noting that legislators should avoid public ridicule in the handling of legislative activities.

Dickson also disagreed with suggestions that the amendment to the Appropriation Act and the amendment to the Finance Act, 2023, be lumped together, stating: “I don’t believe we lumped the two bills together in a way and manner we are doing and if I have my way Mr President, I like to suggest that we step the Finance bill down.

“Let it not be that without the experts and critical stakeholders participating in public hearing. I think that we should be very cautious when we are discussing taxation and even these banks we intend to generate N500 billion are all running around to meet recapitalisation. These are two critical bills.”

Senator Sani Musa representing Niger North on the platform of the ruling All Progressives Congress maintained that banks earn enormous profit which can be inferred from their end of the year reports.

He said the profit was made possible due to robust policies of the government, hence, it should not be difficult for banks to be taxed.

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 contribution by other senators in favour of amendment to the Act, Deputy Senate President, Jibrin Barau, who presided over the plenary called for voice votes and it was passed for second reading.