President Bola Tinubu has submitted a letter to the Senate, requesting approval for an additional ₦6.2 trillion to be added to the ₦27.5 trillion 2024 budget. Senate President Godswill Akpabio read the letter during Wednesday’s plenary session.
According to details from the letter, President Tinubu seeks Senate approval to withdraw ₦3.2 trillion from the Consolidated Revenue Fund for capital expenditures. Additionally, he requests ₦3 trillion for supplementary recurrent expenditures for the fiscal year ending December 31, 2024.
The letter also includes a request for an amendment to the Finance Act, 2023, to impose a windfall tax on banks based on their foreign exchange gains in 2023 financial statements. This tax is intended to fund infrastructure development, education, healthcare, and welfare initiatives under the Renewed Hope Agenda.
The requests have been officially listed on the Senate’s Order Paper as Executive bills awaiting deliberation. President Tinubu submitted these bills to the Senate for their consideration and potential passage, following the procedures outlined in Section 58(2) of the Nigerian Constitution.
President Tinubu stated, “The Appropriation Act Amendment Bill aims to allocate ₦3.2 trillion for Renewed Hope Infrastructure Projects and other critical infrastructure across Nigeria, and ₦3 trillion for additional recurrent expenditures crucial for effective federal government operations.”
He emphasized that these funds would be sourced from the federal government’s revenue accruals.
