Tinubu Asks NASS to Increase 2024 Budget by ₦6.2tn

On Wednesday, President Bola Tinubu asked the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by ₦6.2 trillion.

Tinubu’s request was detailed in a letter addressed to Senate President Godswill Akpabio, which was read during the plenary session.

In the letter, President Tinubu stated that the request was made under Section 58, Sub-section 2 of the 1999 Constitution of the Federal Republic of Nigeria, as amended.

“I hereby forward these bills for the Senate’s consideration and passage.

“The 2024 Appropriation Act Amendment Bill aims to amend the principal Act to allocate ₦3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure across the country.

“Additionally, ₦3 trillion is needed for further recurrent expenditure to ensure the proper functioning of the Federal Government, funded by the expected revenue accruing to the Federal Government of Nigeria,” the letter read.

Tinubu also noted that the proposed amendments to the 2023 Finance Act are necessary to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements.

He explained that this tax is intended to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.

The President emphasized that all these projects are vital components of his administration’s Renewed Hope agenda.