Tinubu Seeks Senate’s Approval To Inject N6.2 Trillion In 2024 Budget

President Bola Ahmed Tinubu has submitted a proposal to the Nigerian Senate for review and endorsement, proposing the infusion of N6.2 trillion into the N27.5 trillion budget for 2024.

In his appeal, which was read aloud on the Senate floor by its presiding officer, Senator Godswill Akpabio, during the general session on Wednesday, President Tinubu specifically asked for the allocation of N3.2 trillion from the Consolidated Revenue Fund for capital spending.

In the subsequent part of his appeal, the Nigerian leader requested the release of another N3 trillion from the Consolidated Revenue Fund for ongoing expenses until the fiscal year that concludes on December 31, 2024.

The letter further outlines President Tinubu’s request for the enactment of a law to introduce a windfall tax on banks, to oversee the collection and administration of this tax, and related issues.

To ensure a prompt review, the Senate has already marked these two appeals as Executive bills for consideration.

Should the proposed N6.2 trillion be added to the N27.5 trillion budget for 2024, the total budget amount would rise to N33.7 trillion.

The letter reads in part, “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.

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“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.”