President Bola Tinubu has submitted a formal request to the Senate seeking amendments to both the 2024 Appropriation Act and the 2023 Finance Act. In a letter addressed to Senate President Godswill Akpabio and read during Wednesday’s plenary session, Tinubu outlined a proposal for a significant budget increase of N6.2 trillion.
The president explained that the proposed budget augmentation is expected to be financed through anticipated revenue inflows.
“Pursuant to Section 58(2) 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,” Tinubu wrote. “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 further proposed an additional N3 trillion to address increased recurrent expenditure requirements necessary for the smooth operation of federal government activities.
In addition to the budget amendments, Tinubu proposed changes to the Finance Act 2023. These amendments include the introduction of a one-time windfall tax on foreign exchange gains reported by banks in their 2023 financial statements.
The president justified the measure as a strategic move to fund capital infrastructure development, enhance education and healthcare access, and support public welfare initiatives, all of which are fundamental to his administration’s “renewed hope agenda.”
