Tinubu asks n’assembly to increase 2024 budget by N6.2trn

President Bola Tinubu has asked the national assembly to increase the 2024 appropriation Act by N6.2 trillion.

Tinubu’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the upper legislative chamber on Wednesday.

This increases the 2024 budget to N34.9 trillion from an initial N28.7 trillion budget Tinubu signed into law on January 1.

In December, the national assembly passed the 2024 appropriation bill, increasing its size from N27.5 trillion proposed by Tinubu to N28.7 trillion.

Tinubu is seeking an amendment to the budget to provide N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.

“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,” Tinubu said.

“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 accruals to the federal government of Nigeria.”

BILL TO INCREASE 2024 BUDGET SCALES SECOND READING

The bill to increase the 2024 budget scaled second reading at the house of representatives.

This was after Tajudeen Abbas, speaker of the house, read Tinubu’s request on the floor of the lower legislative chamber on Wednesday.

On May 29, Tinubu said he would send a 2024 supplementary budget to the national assembly.

TheCable understands that the supplementary budget will cover the new minimum wage proposed by the federal government.

The president is scheduled to meet organised labour on Thursday to finalise talks on the minimum wage.

Reporting by Samuel Akpan and Dyepkazah Shibayan.