President Bola Tinubu has requested the National Assembly to amend the 2024 Appropriation Act and the 2023 Finance Act, seeking an increase of ₦6.2tn in the budget.
The president’s letter to the Senate, read at plenary on Wednesday, explained that the move aims to fund critical infrastructure projects and recurrent expenditure requirements.
The proposed amendments include a one-time windfall tax on banks’ foreign exchange gains to fund capital infrastructure development, education, healthcare, and public welfare initiatives.
Additionally, the president’s letter stated that the budget increase would also cater to the payment of outstanding debts owed to contractors and suppliers.
The bills have scaled second reading in both the House of Representatives and the Senate.
