President Bola Tinubu, has forwarded a letter to Senate asking to amend the 2024 Appropriation Act and the 2023 Finance Act adding N6.2tn to the budget, last Wednesday.
The President letter which was addressed to the president of the Senate, Godswill Akpabio and read at the plenary .
Tinubu said in the letter “Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria 1999 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 N3.2trillion 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 of the federal government expenditure, which are to be funded by expected revenue 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.”
