By Joke Kujenya
PRESIDENT BOLA Tinubu has requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act.
He proposes increasing the budget by ₦6.2 trillion.
This request was presented in a letter to Senate President Godswill Akpabio and read during Wednesday’s plenary.
The President seeks to allocate ₦3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure nationwide.
Additionally, ₦3 trillion is earmarked for further recurrent expenditure requirements.
Tinubu emphasized that the funds would come from expected federal government revenue.
President’s Requests
In his letter, Tinubu also proposed amendments to the Finance Act 2023, indicating that he wants to impose a one-time windfall tax on foreign exchange gains by banks from their 2023 financial statements.
This tax aims to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.
These proposed changes align with the administration’s Renewed Hope agenda.
Tinubu previously signed the ₦28.7 trillion 2024 Appropriation Bill into law on January 1, 2024.
He also announced plans to present the 2024 Supplementary Budget to the National Assembly on May 29, 2024.
2024 Appropriating Act
As of this report, the bill to amend the 2024 Appropriation Act has passed the second reading in the House of Representatives.
This bill authorizes the withdrawal of ₦3.2 trillion for capital expenditure and ₦3 trillion for recurrent expenditure, both from the Consolidated Revenue Fund.
Similarly, the bill to amend the Finance Act 2023 has also passed the second reading.
This bill seeks to impose a windfall tax on banks and provide for the tax’s administration.
If approved, the proposed amendments will increase the 2024 budget from ₦27.5 trillion to ₦33.7 trillion.
The Senate has listed both requests as executive bills for consideration, highlighting their urgency and importance.
