President Bola Tinubu has submitted a proposal to the Senate for the approval of an additional N6.2 trillion injection into the N27.5 trillion 2024 budget.
The President’s request was conveyed through a letter read by Senate President Godswill Akpabio during the plenary session on Wednesday. Tinubu is seeking the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure.
In the second part of his request, the President is asking for an additional N3 trillion from the Consolidated Revenue Fund to cover additional recurrent expenditure for the fiscal year ending December 31, 2024.
The letter also outlined a proposed amendment to the Finance Act of 2023, aimed at imposing and charging a windfall tax on banks, as well as providing for the administration of this tax and related matters.
To ensure swift action, the Senate has already included the two requests in its Order Paper as Executive bills for consideration.
If approved, the N6.2 trillion injection will increase the total size of the 2024 budget from N27.5 trillion to N33.7 trillion.
