JUST IN: Increase 2024 Budget, Tinubu Tells N’Assembly

President Bola Tinubu has requested the national assembly to increase the 2024 appropriation act by N6.2 trillion.

In a letter read by Senate President Godswill Akpabio on Wednesday, Eko Hot Blog gathered that the proposed increase would raise the 2024 budget to N34.9 trillion, up from the initial N28.7 trillion budget signed into law on January 1.

Tinubu seeks an amendment to allocate N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.

“Pursuant to section 58 (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,” Tinubu stated.

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“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 further recurrent expenditure requirements necessary for the proper operation of the federal government.

“They shall be funded by accruing to the federal government of Nigeria.”

Additionally, Tinubu asked the national assembly to amend the Finance Act of 2023 to tax windfalls gained by banks due 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.

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