Senate, reps pass bill seeking to raise 2024 budget by N6.2trn for second reading

The senate and the house of representatives have passed a bill seeking to increase the 2024 budget by N6.2 trillion for the second reading.

The bill was introduced for first reading after Senate President Godswill Akpabio and Tajudeen Abbas, speaker of the house of representatives, read a request by President Bola Tinubu.

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 the 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,” the letter reads.

“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 accruing to the federal government of Nigeria.”

Tinubu also asked the national assembly to amend the Finance Act of 2023 to tax windfalls gotten by banks owing to “foreign exchange gains”.

“Furthermore, the proposed amendments to the Finance Act 2023 are required to a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare, as well as welfare initiatives, all of which are components of the Renewed Hope Agenda,” he said.