Tinubu Requests NASS to Increase 2024 Budget by ₦6.2tn

On Wednesday, 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. This request was detailed in a letter addressed to the President of the Senate, Godswill Akpabio, and read at the plenary session.

President Tinubu stated that the amendment is in accordance with Section 58, subsection two of the Nigerian Constitution of 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 allocate ₦3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure across the country.

“And ₦3 trillion to cover further recurrent expenditure necessary for the Federal Government’s operations, funded by expected revenue accruing to the Federal Government of Nigeria,” the letter read.

President Tinubu also explained that the proposed amendments to the Finance Act 2023 are required 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.

He emphasized that these projects are essential components of his administration’s renewed hope agenda.

On January 1, 2024, President Tinubu assented to the ₦28.7 trillion 2024 Appropriation Bill passed by the Senate. On May 29, 2024, he announced plans to present the 2024 Supplementary Budget to the National Assembly (NASS).

As of the time of this report, the Bill to Amend the Appropriation Act 2024, authorizing the issuance of ₦3.2 trillion for Capital Expenditure and ₦3 trillion for recurrent expenditure for the year ending December 31, 2024, has passed its second reading in the House of Representatives.

Similarly, the Bill to Amend the Finance Act 2023 to impose and administer a Windfall Tax on Banks has also passed its second reading.