Tinubu writes Senate, requests injection of N6.2trn into 2024 budget

By Kazeem Ugbodaga

President Bola Tinubu has written to the Senate to seek approval for the 2024 supplementary appropriation to the tune of N6.2 trillion.

The letter was read on the floor of the Senate on Wednesday by the Senate President, Godswill Akpabio.

In the letter, the president said he is seeking the approval pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended.

He urged the Senate to consider the supplementary bill for consideration and passage.

Tinubu explained that the appropriation act amendment bill sought 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.

The president said they shall be funded by accruing to the federal government of Nigeria.

Furthermore, he added that the proposed amendments to the Finance Acts 2023 were required to a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all of which are components of the Renewed Hope Agenda.

The bill is already being given accelerated hearing by the senators.