President Tinubu writes NA to raise 2024 budget by N6.2 trillion
President Bola Ahmed Tinubu, on Wednesday, formally requested the Senate to amend both the 2024 Appropriation Act and the 2023 Finance Act, proposing an increase of ₦6.2 trillion to the national budget.
The president’s request was detailed in a letter addressed to Senate President Godswill Akpabio, which was read during the plenary session on Wednesday. Tinubu cited section 58, subsection two of the amended 1999 Constitution of the Federal Republic of Nigeria as the legal basis for this move.
In the letter, Tinubu stated, “I forward herewith the above bills for consideration and passage by the Senate.”
The proposed Appropriation Act Amendment Bill 2024 aims to amend the principal act to allocate ₦3.2 trillion for infrastructure projects under the renewed hope initiative and other critical infrastructure projects nationwide. An additional ₦3 trillion is earmarked to cover further recurrent expenditures necessary for the Federal Government’s proper operation, funded by anticipated revenue accruing to the Federal Government of Nigeria.
Moreover, Tinubu highlighted the necessity of amending the Finance Act 2023 to introduce a one-time windfall tax on foreign exchange gains realized by banks in their 2023 financial statements. This measure is intended to fund capital infrastructure development, education, healthcare access, and public welfare initiatives, all of which are key components of the administration’s renewed hope agenda.
As of the time of this report, the House of Representatives has advanced the Bill to Amend the Appropriation Act, 2024, which authorizes the issuance of ₦3.2 trillion from the Consolidated Revenue Fund for capital expenditures and ₦3 trillion for recurrent expenditures for the fiscal year ending December 31, 2024, to its second reading.
Similarly, the Bill to Amend the Finance Act, 2023, to impose and administer the proposed windfall tax on banks has also successfully passed its second reading in the House of Representatives.
