President Bola Tinubu has called on the National Assembly to increase the 2024 appropriation act by N6.2 trillion.
The request was conveyed in a letter read by Senate President Godswill Akpabio during a session of the upper legislative chamber on Wednesday.
If approved, this increase will raise the 2024 budget from the initial N28.7 trillion, which Tinubu signed into law on January 1, to N34.9 trillion.
The president seeks this amendment to allocate N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.
Additionally, Tinubu has asked the National Assembly to amend the Finance Act of 2023 to impose a tax on windfalls gained by banks from “foreign exchange gains.”
In his letter, Tinubu explained, “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.”
The National Assembly’s decision on this request will be crucial in shaping the financial landscape of the country in 2024.