In a move to bolster the nation’s economy, President Bola Tinubu has requested the Senate’s approval to inject N6.2 trillion into the 2024 budget.
This supplementary funding, outlined in a letter read by Senate President Godswill Akpabio, aims to enhance capital expenditure and recurrent expenditure for the year ending December 31, 2024.
The request seeks to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and an additional N3 trillion for recurrent expenditure. Furthermore, the President is seeking an amendment to the Finance Act of 2023 to impose a windfall tax on banks, providing for its administration and related matters.
The Senate has expedited the consideration process by listing the requests as Executive bills. If approved, the budget size will increase to N33.7 trillion, providing a significant boost to key sectors and projects. This development demonstrates the Tinubu administration’s commitment to driving economic growth and development.
