Top Stories

Breaking: President Tinubu Seeks Senate Approval To Add ₦6.2trillion To 2024 Budget

The President of Nigeria, Bola Tinubu, has forwarded a letter to the Senate, seeking their approval to add ₦6.2trillion to the ₦27.5trillion 2024 budget.

The President’s request was contained in a letter read during plenary on Wednesday by Senate President Godswill Akpabio.

Advertisement

Details of the letter show President Tinubu seeks Senate approval for the withdrawal of ₦3.2 trillion from the Consolidated Revenue Fund, for capital expenditure.

The President, in the second leg of the request as contained in the letter, seeks approval for the withdrawal of another ₦3 trillion from the consolidated revenue fund for additional recurrent expenditure for the year ending on the 31st day of December , 2024.

Advertisement

He also requested in the letter, an Act to amend the Finance Act, 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.

CityNews Nigeria understands the President’s requests have already been listed on the Order Paper as Executive bills for consideration by the Senate.

Advertisement

The president said, “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 senate.

“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 proper operation of the federal government.

Advertisement

“They shall be funded by accruing to the federal government of Nigeria.

“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.”

Advertisement
citynews

Recent Posts

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

2 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

2 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

2 hours ago

2027: “No vacancy for non-indigenes in Alausa” – Lagos youths tell Seyi Tinubu

The Coalition of Lagos Indigenous Youths has rejected the recent endorsement of Mr Seyi Tinubu,…

3 hours ago

Biafra Activist Simon Ekpa Arrested in Finland Over Terrorism

Biafra activist Simon Ekpa has been arrested in Finland over terrorism. Newsone Nigeria reports that the self-acclaimed leader of…

3 hours ago

‘Don’t Waste Your Time Again In 2027’: Bode George Begs Atiku (Video)

A former Deputy National Chairman of the Peoples Democratic Party, Chief Bode George, has advised…

3 hours ago