House of Reps set to approve N6.2trn for 2024 capital, recurrent expenditures

The House of Representatives is set to amend the 2024 Appropriation Act, aiming to allocate a total of N6.2 trillion for various capital projects, the specific details of which have not been disclosed, subject to any unexpected developments.

According to a detailed breakdown of the proposed expenditures, the allocation consists of N3.2 trillion designated for capital projects and N3 trillion earmarked for recurrent expenditures, totaling N6.2 trillion.

The proposed bill, sponsored by Majority Leader Rep. Julius Ihonbvere, aims to amend the 2024 Appropriation Act to authorize the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure.

Additionally, the bill seeks to allocate N3 trillion from the same fund for recurrent expenditures for the fiscal year ending December 31, 2024.

The bill has been scheduled for its second reading, as indicated on the Order Paper.

At the start of the day’s plenary session, the lawmakers decided to set aside the planned legislative agenda and instead went into a closed-door executive session.