President Bola Tinubu of Nigeria has forwarded a request to the Senate, urging for the consideration and approval of injecting an additional N6.2 trillion into the 2024 budget, which currently stands at N27.5 trillion.
Senator Godswill Akpabio, President of the Senate, disclosed during plenary that Tinubu’s proposal includes withdrawing N3.2 trillion from the Consolidated Revenue Fund for capital expenditure. Additionally, another N3 trillion is sought for increased recurrent expenditure until December 31, 2024.
Tinubu’s letter also proposes amendments to the Finance Act of 2023 to introduce a windfall tax on banks, outlining provisions for its administration.
The Senate has expedited consideration by listing these requests as Executive bills on its Order Paper. If approved, the 2024 budget would expand to N33.7 trillion.
Further details will follow as developments unfold.
