Daud Olatunji
President Bola Tinubu has formally requested the National Assembly to amend the 2024 Appropriation Act and the 2023 Finance Act to increase the budget by N6.2 trillion.
This request, articulated in a letter addressed to the President of the Senate, Godswill Akpabio, was read during the plenary session on Wednesday.
The letter, invoking section 58, subsection two of the 1999 Constitution (as amended), outlines the President’s rationale for the substantial budget increase.
President Tinubu stated, “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 N 3.2 trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 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.”
“PLATFORM TIMES reports that the move aligns with the administration’s agenda to enhance the country’s infrastructure, including roads, bridges, and public utilities.
The president said the additional N3 trillion is designated to cover further recurrent expenditure requirements essential for the Federal Government’s operations.
He disclosed that the expenditure will be financed by anticipated revenue accruing to the Federal Government of Nigeria.
Tinubu proposed amendments to the Finance Act 2023, which includes the imposition of a one-time windfall tax on foreign exchange gains realised by banks in their 2023 financial statements.
This tax is projected to generate significant revenue to support capital infrastructure development, education, healthcare access, and public welfare initiatives.
“These projects are essential components of the renewed hope agenda of the administration,” Tinubu emphasised.
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