President Bola Tinubu has formally urged the National Assembly to consider a substantial N6.2 trillion increase in the 2024 appropriation act. Senate President Godswill Akpabio read the President’s request aloud during the plenary session on Wednesday, July 17.
The proposed adjustment would elevate the 2024 budget to N34.9 trillion, marking a significant rise from the original N28.7 trillion budget approved by Tinubu on January 1st.
Tinubu’s proposal advocates allocating N3.2 trillion towards infrastructure initiatives and N3 trillion for ongoing 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 prosper 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 realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all which are components of the Renewed Hope Agenda.”
