President Bola Tinubu has requested an increase of ₦6.2 trillion in the 2024 budget through an amendment to the Appropriation Act and the 2023 Finance Act.
In a letter addressed to Senate President Godswill Akpabio and read at Wednesday’s plenary, Tinubu outlined the need for the additional funds, which include ₦3.2 trillion for infrastructure projects under the “Renewed Hope” initiative and ₦3 trillion for recurrent expenditure.
The proposed amendment also includes a one-time windfall tax on foreign exchange gains realized by banks to fund capital development, education, healthcare, and public welfare.
The National Assembly has already passed the increased budget of ₦35.5 trillion, reflecting an additional ₦600 billion. Alongside this, both the Senate and the House of Representatives have approved amendments to the National Minimum Wage Act and the Police Act.
Tinubu initially assented to the ₦28.7 trillion 2024 Appropriation Bill on January 1, 2024, and announced the supplementary budget on May 29, 2024.
