President Bola Tinubu has asked the national assembly to increase the 2024 appropriation act by N6.2 trillion. Tinubu’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the upper legislative chamber on Wednesday. This means that the 2024 budget will be increased to N34.
9 trillion from an initial N28. 7 trillion budget Tinubu signed into law on January 1. Accordingly, President Tinubu is seeking an amendment to the budget to provide for N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure. 'Under section 58 of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the senate.
“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all of which are components of the Renewed Hope Agenda,” he said.
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