President Bola Tinubu has submitted a proposal to the Senate, seeking approval for an injection of N6.2 trillion into the 2024 budget, which currently stands at N27.5 trillion. The request, conveyed in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary session, outlines plans to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditures. An additional N3 trillion is also sought for increased recurrent expenditures for the fiscal year ending December 31, 2024.
In addition to these financial adjustments, the President’s letter includes a request for an amendment to the Finance Act of 2023. This amendment aims to introduce a windfall tax on banks, outlining provisions for its administration and related matters.
The Senate has prioritized these requests by listing them as Executive bills for prompt consideration. If approved, the injection of N6.2 trillion would escalate the 2024 budget to N33.7 trillion, reflecting significant adjustments in government expenditure priorities.
