…Amends 2023 Finance Act
President Bola Tinubu has asked the 10th Senate to increase the 2024 Budget by N6.2trillion.
The President wants the Upper Legislative Chamber to amend the 2024 Appropriation Act to provide for N3.2 trillion for infrastructure projects and N3trillion for recurrent expenditure.
Tinubu’s request was contained in a letter read by the Senate President, Godswill Akpabio, on the floor of the chambers yesterday.
The President stated that his request is pursuant to section 58 (2) of the Constitution of the Federal Republic of Nigeria (as amended), and urged expeditious consideration of the request.
“The Appropriation Act Amendment Bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for ‘Renewed Hope’ infrastructure projects and other critical infrastructure projects to be undertaken across the country and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the prosper operation of the Federal Government.
“They shall be funded by accruing to the federal government of Nigeria”, the letter read.
The President in the letter, also sought for an Act to amend the Finance Act, 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.
