President Tinubu seeks N6.2tr increase in 2024 budget

The Nigeria President, Asiwaju Bola Ahmed Tinubu has requested the National Assembly consider a N6.2 trillion increase in the 2024 Appropriation Act.

This adjustment would raise the 2024 budget to N34.9 trillion, up from the original N28.7 trillion budget approved on 1st of January, 2024.

Tinubu’s request was contained in a letter read aloud by Senate President Godswill Akpabio during the Wednesday session in the upper legislative chamber.

According to the letter, the N6.2 trillion increase would be allocated as follows: N3.2 trillion for infrastructure initiatives and N3 trillion for ongoing expenses.

Tinubu cited Section 58 (2) of the Constitution of the Federal Republic of Nigeria as amended, which requires him to forward the 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 across the country. Additionally, the sum of N3,000,000,000,000 is required to meet further recurrent expenditure requirements necessary for the proper operation of the federal government.

Furthermore, the proposed amendments to the Finance Acts 2023 are required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements.

This will fund capital infrastructure development, education, healthcare, and welfare initiatives, all of which are components of the Renewed Hope Agenda. [CONTINUE READING HERE]>>>>>