President Bola Tinubu has requested the National Assembly to increase the 2024 appropriation act by N6.2 trillion.
Tinubu‘s plea was contained in a letter read aloud by Senate President Godswill Akpabio on Wednesday in the upper legislative chamber.
This brings the 2024 budget to N34.9 trillion, up from the initial N28.7 trillion budget Tinubu signed into law on January 1.
Tinubu wants to alter the budget to include N3.2 trillion for infrastructure projects and N3 trillion for recurring expenditures.
He said:
“Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the senate.”
“The appropriation act amendment bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the prosper operation of the federal government.
“They shall be funded by accruing to the federal government of Nigeria.”
Tinubu requested that the National Assembly revise the Finance Act of 2023 to tax bank windfalls resulting from “foreign exchange gains”.
He said:
“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all which are components of the Renewed Hope Agenda.”