President Bola Tinubu has submitted a request to the Senate for amendments to both the 2024 Appropriation Act and the 2023 Finance Act.
In a letter to Senate President Godswill Akpabio, read during Wednesday’s plenary session, Tinubu outlined his proposal for a budget increase of N6.2tn.
The increase is intended to be financed through anticipated revenue inflows.
“Pursuant to Section 58(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 N3.2trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country,” Tinubu wrote.
He further proposed an extra N3tn to address increased recurrent expenditure requirements for the smooth operation of federal government activities.
Additionally, Tinubu proposed amendments to the Finance Act 2023. The changes would introduce a one-time windfall tax on foreign exchange gains reported by banks in their 2023 financial statements.
The president justified the measure as a means to fund capital infrastructure development, enhance education and healthcare access, and support public welfare initiatives.
According to the president the projects are fundamental to his administration’s “renewed hope agenda”.