President Bola Tinubu, has written the Senate, requesting it to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by ₦6.2trillion.

 In a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday, Tinubu said the request was pursuant to section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.

The letter read: “I forward herewith the above bills for consideration and passage by the Senate.

“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.

“And the sum of N3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which are to be funded by expected revenue accruing to the Federal Government of Nigeria.”

The President explained that the proposed amendments to the Finance Act 2023, were required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements.

He stated that this was necessary so as to fund capital infrastructure development, education, healthcare access, and public welfare initiatives, adding that these projects are essential components of the renewed hope agenda of his administration.

The Bill to Amend the Appropriation Act, 2024 to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦3.2tn for Capital Expenditure, and the sum of ₦3tn for recurrent expenditure for the year ending on the 31st day of December 2024, has scaled 2nd reading in the House of Representatives.

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 of the Tax has also scaled 2nd reading.