President Bola Tinubu has submitted a letter to the Senate seeking approval to add ₦6.2 trillion to the ₦27.5 trillion 2024 budget.
The request, read by Senate President Godswill Akpabio during plenary, includes:
1. ₦3.2 trillion for capital expenditure: To be withdrawn from the Consolidated Revenue Fund for Renewed Hope Infrastructure Projects and other critical infrastructure across Nigeria.
2. ₦3 trillion for recurrent expenditure: Also to be withdrawn from the Consolidated Revenue Fund, aimed at covering additional recurrent expenditure for the remainder of the year ending December 31, 2024.
Additionally, President Tinubu proposed an amendment to the Finance Act, 2023, to impose a windfall tax on banks.
This tax would be levied on the foreign exchange gains reported by banks in their 2023 financial statements, and the revenue generated would fund capital infrastructure development, education, healthcare, and welfare initiatives under the Renewed Hope Agenda.
The President emphasized the necessity of these measures to ensure the proper operation of the federal government and to support critical infrastructure and social projects.
The Senate has listed these requests as Executive bills for consideration. President Tinubu urged prompt passage of the bills to facilitate the intended infrastructure and social development programs.