Tinubu seeks additional N6.2tr for 2024 budget, writes House of Reps

Tinubu seeks additional N6.2tr for 2024 budget, writes House of Reps

President Bola Tinubu on Wednesday, July 17, wrote the House of Representatives seeking to increase the 2024 Appropriation Act by N6.2 trillion.

The President’s letter was read by the Speaker Tajudeen Abbas during plenary on Wednesday.

This would increase the 2024 budget to N34.9 trillion from an initial N28.7 trillion signed by the President on January 1 this year

The letter sought an amendment to the budget to provide for N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.

He wrote: “Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the House of Representatives.

“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 proper operation of the federal government.

“They shall be funded by accruing to the Federal Government of Nigeria.”

Tinubu also asked the House to amend the Finance Act of 2023 to tax windfalls gotten by banks owing to foreign exchange gains.

“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realised 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

This was as the House passed a Bill for the amendment for a second reading in line with the President’s request.

It was titled: “A Bill for an Act to Amend the Appropriation Act, 2024 to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦3,200,000,000,000.00 (three trillion two hundred billion, Naira) only is for Capital Expenditure and the sum of ₦3,000,000,000,000.00 (three trillion, Naira) only is for recurrent expenditure for the year ending on the 31st day of December 2024 (HB. 1610)”

Also, the Bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Tax on Banks and Provide for the Administration, scaled second reading.

The House also considered and approved N1.9 trillion budget for the Niger Delta Development Commission (NDDC).