Tinubu writes National Assembly, requests N6.2trn addition to 2024 budget

President Bola Tinubu on Wednesday requested the National Assembly to amend the 2024 Appropriation Act with an increase of N6.2 trillion.

President Tinubu also requested that the Finance Act 2023 be amended to impose and charge windfall tax on banks and provide for tax administration and related matters.

The requests were contained in a letter read on the floors of both chambers by the Senate President, Goodwill Akpabio, and the Speaker of the House of Representatives, Abbas Tajudeen, on Wednesday.

Last November, President Tinubu presented a N27.5 trillion 2024 budget to a joint session of the National Assembly at the temporary chamber of the House of Representatives.

About three weeks later, the two chambers passed the budget with an increase of about N1.2 trillion to make the budget a total of N28. 7 trillion.

In Wednesday’s letter, Mr Tinubu requested the amendment of the 2024 Appropriations Act by allocating an additional N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure.

The president said the funds would be sourced from the Consolidated Revenue Fund of the Federation.

Mr Tinubu thereafter asked members of the upper chamber to give his request the desired consideration and approval.

“Pursuant to section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended, 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.”

If the National Assembly grants President Tinubu’s request, the 2024 budget will be increased to N34.9 trillion.

In June, the National Assembly extended the implementation of the capital component of the 2023 budget and the N2.17 trillion 2023 supplementary budget till 31 December.

Meanwhile, following its introduction, the bill was listed in the House for first and second reading and given a speedy passage without debate.

The bill was subsequently referred to the House Committee on Appropriations for further legislative action.

The two requests have already been listed on Wednesday’s Order Paper at the Senate as executive bills for consideration.