President Bola Tinubu has formally requested the National Assembly to consider a significant increase of N6.2 trillion in the 2024 appropriation act. This adjustment, announced during a recent session by Senate President Godswill Akpabio, raises the proposed budget to N34.9 trillion, up from the original N28.7 trillion.
Tinubu’s proposal allocates N3.2 trillion towards infrastructure initiatives and N3 trillion for ongoing expenses. This reflects his administration’s strategic priorities for enhancing national infrastructure and ensuring robust governmental operations in the upcoming fiscal year.
The request marks a pivotal moment in Nigeria’s fiscal planning, highlighting Tinubu’s commitment to addressing critical infrastructure needs and maintaining essential governmental functions amid economic challenges. The National Assembly will now deliberate on the proposed budget adjustment, considering its implications for national development and economic stability.
The president said;
“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,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 prosper operation of the federal government.
They shall be funded by accruing to the federal government of Nigeria.
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,”
Stay tuned for more updates as Nigeria navigates its budgetary landscape for 2024.
