Following a request by President Bola Ahmed Tinubu to add N6.2 trillion to the 2024 budget, the House of Representatives has passed the amended budget, increasing it from N28.7 trillion to N35.5 trillion.
Tribune Online reports that President Bola Tinubu in his letter last week sought the National Assembly to add N6.2 trillion to the existing 2024 budget for Renewed Hope infrastructure projects and other critical infrastructure projects.
However, the N35.5tn passed shows an increase of N600bn.
The House has also passed the minimum wage bill and the police act amendment bill, just like the Senate.
The president, earlier in the letter, said the move was under Section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.
“I forward herewith the above bills for consideration and passage by the Senate.
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal Act to provide the sum of N3.2 trillion 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 by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria,” the letter read.
Just like he sought the Appropriation Act to be amended, Tinubu also requested the Senate to amend the Financial Act. He stated that the proposed amendments to the Finance Act 2023 were required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements.
He explained that this was to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.
According to the President, all of the projects are essential components of the renewed hope agenda of the administration.
. TheWitness