By Gloria Ikibah
President Bola Tinubu has transmitted a letter to the House of Representatives seeking to increase the 2024 Appropriation Act by N6.2 trillion.
The letter from President Tinubu which was read by Speaker Tajudeen Abbas on Wednesday at plenary, would increase the 2024 budget to N34.9 trillion from an initial N28.7 trillion signed by the President on January 1 this year.
The letter seeks an amendment to the budget to provide for N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.
The letter reads: “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 House of Representatives.
“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”.
President Tinubu also requested that the House amend the Finance Act 2023 to tax windfalls gotten by banks owing to foreign exchange gains.
“Furthermore, the proposed amendments to the Finance Acts 2023 are 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 which are components of the Renewed Hope Agenda,” he said