Tinubu Asks Senate to Add N6.2trn to 2024 Budget, Gives Reason
- President Bola Tinubu has asked the Senate to review the 2024 appropriation bill by adding N6.2 trillion to the earlier approved budget
- The president made the request in a letter read on the floor of the Senate by Senate President Godswill Akpabio on Wednesday, July 17
- President Tinubu sought to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and another N3 trillion for additional recurrent expenditure
FCT, Abuja - President Bola Tinubu has submitted a request to the Senate for approval to inject N6.2 trillion into the 2024 budget, which currently stands at N27.5 trillion.
In a letter read on the floor by Senate President Godswill Akpabio, Tinubu sought to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and another N3 trillion for additional recurrent expenditure for the year ending December 31, 2024.
Source: Twitter
According to The Punch, the president also requested an amendment to the Finance Act of 2023 to impose a windfall tax on banks and provide for tax administration.
The Senate has listed the requests as executive bills for consideration and expedited review.
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How much is Tinubu's 2024 budget?
If approved, the additional funding would increase the 2024 budget size to N33.7 trillion, representing a significant expansion of the original budget.
The bill reads in part:
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria.”
The president then maintained that all the projects were essential parts of the renewed hope agenda of his administration.
Senate President Akpabio talks down colleague
Legit.ng also earlier reported that the Senate went into a closed-door session following Senator Ireti Kingibe's question on why the FCT budget was raised without her input.
Kingibe and the FCT Minister, Nyesom Wike, have been at odds over the operation of FCT affairs, and Wike has vowed to unseat her in 2027.
Senate President Godswill Akpabio also talked down the senator, asking Wike to ignore her during a flag-off ceremony at Kugbo Bus Terminal in the FCT.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
