President Bola Tinubu has submitted a proposal to the Senate seeking the injection of N6.2 trillion into the N27.5 trillion 2024 budget. This request, conveyed through a letter read by Senate President Godswill Akpabio during Wednesday’s plenary, includes significant allocations for both capital and recurrent expenditures.
In his request, President Tinubu asked for the withdrawal of N3.2 trillion from the Consolidated Revenue Fund to be allocated for capital expenditure. Additionally, he sought the withdrawal of another N3 trillion from the same fund to cover recurrent expenditure for the fiscal year ending December 31, 2024.
The President’s letter also called for an amendment to the Finance Act of 2023 to impose and charge a windfall tax on banks, along with provisions for the administration of this tax and related matters.
The Senate has promptly listed these two requests as Executive bills for consideration on its Order Paper.
If approved, the injection of the requested N6.2 trillion will increase the total size of the 2024 budget from N27.5 trillion to N33.7 trillion.
