Tinubu Requests N6.2 Trillion Increase in 2024 Budget

President Bola Tinubu has written to the National Assembly to consider and approve an augmentation of the 2024 appropriation act by N6.2 trillion.

According to the Cable, the request was contained in a letter read on the Senate floor on Wednesday by Senate President Godswill Akpabio.

The 2024 budget, if the amendment sails through, will increase from the original N28.7 trillion, assented to by Tinubu on January 1 this year, to a total of N34.9 trillion. The amendment said to ensure that there is a provision for the sum of N3.2 trillion for projects on infrastructure and N3 trillion for recurrent expenditure.

Under section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the bills mentioned earlier for consideration and passage by the Senate, the letter stated.

The Appropriation Act Amendment Bill is aimed at making provisions in the sum of N3.2 trillion for the Renewed Hope Infrastructural Projects and other projects of critical infrastructures of that nature spread across the length and breadth of the nation.

Further recurrent expenditure to the sum of N3 trillion is also made to complete the requirements that will keep the running of the Federal Government running as expected. The funds for the various projects are to be sourced from the revenue accruals to the Federal Government of Nigeria.

In the letter, Tinubu also implores the support of the National Assembly for an amendment to the 2023 Financial Act to levy a windfall tax on foreign exchange gain, which has been realised through the banks.

The money realised through this tax will go into financing the capital infrastructure development, education, health, and welfare initiatives, all resulting from the Renewed Hope Agenda.

More so, the Finance Acts 2023 amendment must be done to provide for a forthwith windfall tax on Foreign Exchange gains realised by the banks in their financial statement years 2023 in capital infrastructure development, education, and healthcare, including welfare programmes, Tinubu said.

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