Tinubu Writes NASS To Raise 2024 Budget By ₦6.2tn

The President had on January 1, 2024, assented to the N28.7 trillion 2024 Appropriation Bill passed by the Senate.

President Bola Tinubu, on Wednesday, requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget with ₦6.2tn.

Tinubu’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday.

The President in the letter, said the move was pursuant to 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 N3.2 trillion 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,” the letter read.

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 realised 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.

Tinubu had on January 1, 2024, assented to the N28.7 trillion 2024 Appropriation Bill passed by the Senate. On May 29, 2024, the President said he would present the 2024 Supplementary Budget to the National Assembly (NASS).

Bills Scale Second Reading

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.

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