President Bola Tinubu has asked the National Assembly to increase the 2024 appropriation act by N6.2 trillion.
The president’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the upper legislative chamber on Wednesday.
This will consequently increase the 2024 budget to N34.9 trillion from an initial N28. 7 trillion budget Tinubu signed into law on January 1.
Tinubu is seeking an amendment to the budget to provide for N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.
Tinubu asked the national assembly 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 which are components of the Renewed Hope Agenda,” he said.
