President Bola Tinubu has submitted a request to the Senate for the approval of an additional N6.2 trillion to be injected into the N27.5 trillion 2024 budget.
This request, conveyed in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary, includes specific proposals for the allocation of the funds.
The President seeks to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditure. This allocation is intended to finance infrastructure projects and other long-term investments crucial for the country’s development.
The second part of the request involves withdrawing another N3 trillion from the Consolidated Revenue Fund for additional recurrent expenditure, which will cover ongoing operational costs and services for the fiscal year ending December 31, 2024.
In the same letter, Tinubu is also requesting an amendment to the Finance Act of 2023. This amendment aims to impose a windfall tax on banks, targeting unexpected or above-average profits, and to establish the framework for the administration of this tax. The introduction of this tax is intended to generate additional revenue for the government.
For expedited consideration, the Senate has already listed these requests on its Order Paper as Executive bills. If the Senate approves the additional N6.2 trillion, the total budget for 2024 will increase from N27.5 trillion to N33.7 trillion.
