Tinubu Seeks NASS Approval For N6.2 Trillion Budget Increase To N34.9 Trillion

President Bola Tinubu has written to the National Assembly, seeking approval to increase the 2024 budget by N6.2 trillion to N34.9 trillion.

The request, read aloud by Senate President Godswill Akpabio during Wednesday’s session, aims to allocate N3.2 trillion for infrastructure projects and N3 trillion for ongoing expenses.

“I forward herewith the above-named bills for consideration and passage by the Senate,” Tinubu said in the letter, citing Section 58(2) of the Nigerian Constitution.

“The Appropriation Act Amendment Bill seeks to provide N3.2 trillion for Renewed Hope Infrastructure Projects and other critical infrastructure projects across the country, as well as N3 trillion to meet further recurrent expenditure requirements necessary for the proper operation of the federal government.”

Tinubu explained that the proposed amendments to the Finance Acts 2023 would fund capital infrastructure development, education, healthcare, and welfare initiatives, all part of the Renewed Hope Agenda.

“These funds shall be sourced from a one-time windfall tax on foreign exchange gains realised by banks in their 2023 financial statements,” he added.

The President’s request is expected to be debated and voted on by the National Assembly in the coming days.