President Tinubu Writes National Assembly To Increase 2024 Budget By ₦6.2tn
President Bola Ahmed Tinubu, on Wednesday, asked the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act, proposing a budget increase of ₦6.2 trillion.
Tinubu’s request is contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday.
The president in the letter, disclosed that the move was under section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.
“I forward herewith the above bills for consideration and passage by the Senate.
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria.”
Tinubu added that the proposed amendments to the Finance Act 2023, were required to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements.
He explained that this was to fund capital infrastructure development, education, healthcare access and public welfare initiatives.
According to the President, all of the projects are essential components of the renewed hope agenda of the administration.
As of the time of filing this report, the Bill to Amend the Appropriation Act, 2024 to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦3.2tn for Capital Expenditure, and the sum of ₦3tn for recurrent expenditure for the year ending on the 31st day of December, 2024, has scaled 2nd reading in the House of Representatives.
Similarly, the Bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Tax on Banks and Provide for the Administration of the Tax has also scaled 2nd reading.
