President Bola Tinubu has urged the National Assembly to consider an N6.2 trillion increase in the 2024 appropriation act.
The President requested in a letter read aloud by Senate President Godswill Akpabio during the plenary session on Wednesday, July 17.
This revision increases the 2024 budget to N34.9 trillion, up from the original N28.7 trillion budget authorized by Tinubu on January 1st.
Tinubu is requesting a budget amendment including N3.2 trillion for infrastructure projects and N3 trillion for recurring expenses.
The president 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 proper operation of the federal government.
They shall be funded by accruing to the federal government of Nigeria.
Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all of which are components of the Renewed Hope Agenda,”
