JUST IN: Tinubu seeks Senate approval to add N6.2trn to 2024 budget

President Bola Tinubu has formally requested the Senate’s approval to add ₦6.2 trillion to the existing 2024 budget.

This request was communicated in a letter read during the Senate’s plenary session on Wednesday by Senate President Godswill Akpabio.

The additional funding aims to address pressing financial needs and ensure the effective implementation of government programs and projects.

Tinubu said in the letter, “Pursuant to 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 N3.2 trillion 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.”

Tinubu said 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.

This, he said, 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.

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