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

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July 17, 2024
President Asiwaju Bola Ahmed Tinubu
President Asiwaju Bola Ahmed Tinubu

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.”

 

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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).

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Military Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, ZamfaraTroops Neutralize Bandits, Intercept N23m Ransom, Rescue Victims in Zamfara, SokotoUNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of CommunicationKano Separated Conjoined Twins Return Home After Successful Surgery in S/ArabiaCourt Okays DSS Request to Accelerate Trial of Al-Barnawi, 4 Other TerroristsKano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children CrisisPolice Chief Tasks Border Patrol Commanders on Enhanced SecurityAir Chief Links Fiscal Discipline to Nigeria’s National Security, Operational ReadinessArmy Arrest Notorious Cattle Rustlers, Recover Arms in PlateauTroops Repel Bandits’ Attacks in Kaduna, Katsina, Recover Rustled CattleMining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri Idakwo LarubaNIPR Inducts 422 New Members, Urges Commitment to National UnitySowore’s Provocation, Onanuga’s Plea and the DSS OverreachNigerian Troops Intercept Ransom Money, Recover 160 Rustled CattlePolice Nab 'Obi of Lagos,' Foil ₦1.5 Billion New Palace Fraud
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