Victor Ezeja
Nigeria’s President, Bola Tinubu, has written to the National Assembly requesting an increase of the 2024 national budget by N6.2 trillion.
According to the letter addressed to the Senate President, Godswill Akpabio, that was read at plenary on Wednesday, Tinubu urged the Upper legislative chamber to amend the 2024 Appropriation Act and the 2023 Finance Act to increase the budget by N6.2 trillion.
Join our WhatsApp ChannelThe president said in the letter that the move was in line with section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.
According to the letter, N3.2 trillion will be for Renewed Hope infrastructure projects and other critical infrastructure projects while N3 trillion will be for recurrent expenditure.
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Part of the letter reads: “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 N 3.2 trillion 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.”
Tinubu is also seeking an Act to modify the Finance Act of 2023, to impose a windfall tax on banks, and establish procedures for handling the tax’s administration and associated issues.
The Senate listed the two requests on its Order Paper as Executive bills for consideration.
Prime Business Africa reports that this injection will increase the 2024 budget to N33.7 trillion.
Recall that the National Assembly had passed N27.5 trillion as the 2024 national budget. While N18.32 trillion was estimated as revenue, N9.92 trillion was proposed for recurrent (non debt) expenditure, N7.72 trillion for capital expenditure. Statutory transfer was put at N3.37 trillion, debt service N8.25 trillion. The budget has a deficit of N9.18 trillion.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
