Wednesday, July 17, 2024 - President Bola Tinubu has requested the National Assembly to consider a N6.2 trillion increase in the 2024 appropriation act.
The President expressed his request in
a letter that was read aloud by Senate President Godswill Akpabio during its
plenary session on Wednesday, July 17.
This adjustment raises the 2024
budget to N34.9 trillion, up from the original N28.7 trillion budget that
Tinubu approved on January 1st.
Tinubu is advocating for a budget
revision that allocates N3.2 trillion for 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,”
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