In a letter addressed to the Senate President, Godswill Akpabio, President Bola Tinubu has requested the National Assembly to amend the 2024 Appropriation Act, seeking an increase of N6.2 trillion. This development aims to augment the initial budget of N28.7 trillion, signed into law on January 1, to a total of N34.9 trillion.
According to the letter, the proposed amendment seeks to allocate N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure. The President’s request is predicated on the need to provide adequate funding for critical infrastructure development and the effective operation of the federal government.
In accordance with Section 58 (2) of the Constitution of the Federal Republic of Nigeria, as amended, President Tinubu has forwarded the Appropriation Act Amendment Bill to the Senate for consideration and passage. The bill seeks to provide the necessary funding for Renewed Hope Infrastructure Projects and other critical infrastructure initiatives across the country.
The President has requested the National Assembly to amend the Finance Act of 2023 to impose a one-time windfall tax on foreign exchange gains realized by banks in their 2023 financial statements.
This tax aims to fund capital infrastructure development, education, healthcare, and welfare initiatives, all of which are components of the Renewed Hope Agenda.
The Central Bank of Nigeria (CBN) had earlier directed banks to refrain from utilizing gains from the revaluation of the naira to pay dividends or finance operations, following a review of the foreign exchange regime change. The financial regulator noted that banks are poised to profit significantly from the policy, which has the potential to increase the naira value of their foreign currency assets and liabilities.
