President Bola Tinubu has forwarded a fiscal request to the Senate for consideration and approval of additional N6.2 trillion to the previously signed N27.5 trillion 2024 budget.
The President, in a letter read on the floor of the Senate on Wednesday by its President, Godswill Akpabio, during plenary, specifically requested that N3.2 trillion should be withdrawn from the Consolidated Revenue Fund, for capital expenditure.
Tinubu also requested for withdrawal of another N3 trillion from the consolidated revenue fund for additional recurrent expenditure for the fiscal year ending on December 31, 2024.
Similarly, the President requested that the Senate should pass a bill to amend the Finance Act of 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.
The letter reads in part: “Pursuant to section %8(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 Senate.
“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 the further recurrent expenditure requirements necessary for the proper operation of the federal government.
“They shall be funded by accruing tax revenue accruing to the federal government of Nigeria”, it added
Tinubu also urged the National Assembly to amend the Finance Act 2023 to rake in additional revenue from the earnings of banks from foreign exchange gains with a view to raising fund for infrastructure development, education, health care access and public welfare initiatives of the government.
He expatiated: “Furthermore, the proposed amendments to the Finance Act 2023 are required to a one-time windfall tax in 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.”
As expected, the Senate had already listed the two requests on its Order Paper as Executive bills for deliberations during its plenary, possibly on Thursday.
If the President’s latest request is approved by the National Assembly, the N27.5 trillion 2024 budget would increase to N33.7 trillion.
