In a move to bolster the country’s finances, President Bola Tinubu has written to the National Assembly, requesting a substantial amendment to the 2024 Appropriation Act and the 2023 Finance Act. The president is seeking to increase the budget by a significant ₦6.2 trillion.
According to a letter addressed to Senate President Godswill Akpabio, which was read during Wednesday’s plenary session, President Tinubu’s request is in line with Section 58, Sub-section 2 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 N3.2trillion 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 are 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.
