President Bola Tinubu requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by ₦6.2 trillion on Wednesday.
Tinubu’s request was conveyed in a letter addressed to Senate President Godswill Akpabio, which was read during the plenary session.
In the letter, Tinubu cited section 58, subsection two of the Constitution of the Federal Republic of Nigeria 1999, as amended, to support his request.
“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 ₦3.2 trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of ₦3 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 also explained that the proposed amendments to the Finance Act 2023 were necessary to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements. This tax is intended to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.
According to Tinubu, all of these projects are essential components of his administration’s renewed hope agenda.
Bills Scale Second Reading
As of the time of filing this report, the Bill to Amend the Appropriation Act, 2024, to authorize the issuance of ₦3.2 trillion from the Consolidated Revenue Fund of the Federation for Capital Expenditure and ₦3 trillion for recurrent expenditure for the year ending on December 31, 2024, has passed its second reading in the House of Representatives.
Similarly, the Bill for an Act to Amend the Finance Act, 2023, to impose and charge a Windfall Tax on Banks and provide for the administration of the tax has also passed its second reading.