Tinubu Requests N6.2 Trillion Increase in 2024 Budget

President Bola Ahmed Tinubu has officially asked the National Assembly to amend the 2024 Appropriation Act and the 2023 Finance Act, proposing an additional N6.2 trillion in funding.

This request was disclosed by Senate President Godswill Akpabio during a plenary session on Wednesday, as reported by FIJ.

Tinubu’s letter outlines the need for an extra N3.2 trillion dedicated to renewed hope infrastructure projects, alongside N3 trillion for recurrent expenditures essential for the federal government’s operations. These expenses are anticipated to be covered by expected federal revenue.

“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 N3.2 trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country,” Tinubu’s letter stated.

“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.”

Additionally, Tinubu proposed changes to the Finance Act 2023, suggesting a one-time tax on the extra profits banks gained from foreign exchange rates in their 2023 financial statements.

This would mean that banks will pay additional tax based on the extra income from currency exchange rate fluctuations.

In a related development, the federal government recently announced plans to prepare a supplementary budget to fund the implementation of a new minimum wage.