President Bola Tinubu on Wednesday wrote a letter to the House of Representatives on requesting an increase of N6.2 trillion in the 2024 Appropriation Act.
The letter was read by the Speaker, Tajudeen Abbas, during the plenary session.
If the request is granted, the 2024 budget would rise to N34.9 trillion from the initial N28.7 trillion signed by the President on January 1, 2024
This amendment proposal aims to allocate N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.
The letter reads, “Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the House of Representatives.
“The Appropriation Act Amendment Bill proposes amendments to allocate N3.2 trillion for Renewed Hope Infrastructure Projects and other vital infrastructure initiatives nationwide. Additionally, it seeks N3 trillion to cover essential recurrent expenditures necessary for the effective operation of the federal government.
“They shall be funded by accruing to the Federal Government of Nigeria.”
Tinubu also asked the House to amend the Finance Act of 2023 to tax windfalls gotten by banks owing to foreign exchange gains.
Tinubu seeks amendment to 2024 Appropriation Act, 2023 Finance Act Tinubu, Abbas, Kalu others mourn Lawmaker Adams
“In addition, the proposed amendments to the Finance Acts of 2023 call for a one-time windfall tax on foreign exchange gains realized by banks in their 2023 financial statements. This initiative aims to fund capital infrastructure development, education, healthcare, and welfare initiatives, all integral components of the Renewed Hope Agenda.”
This was as the House passed a Bill for the amendment for a second reading in line with the President’s request.
It was titled: “A Bill for an Act to Amend the Appropriation Act, 2024 to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦3,200,000,000,000.00 (three trillion two hundred billion, Naira) only is for Capital Expenditure and the sum of ₦3,000,000,000,000.00 (three trillion, Naira) only is for recurrent expenditure for the year ending on the 31st day of December 2024 (HB. 1610)”
Also, the Bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Tax on Banks and Provide for the Administration, scaled second reading.
The House also considered and approved N1.9 trillion budget for the Niger Delta Development Commission (NDDC).
Of this sum, N38,545,349,193 is earmarked for personal expenditure; N29,246,506,753 is for overhead expenditure; N8,785,574,130 for internal capital expenditure; N835,222,569,924 for development projects; while N1,000,000,000,000 is for Legacy Projects Funded by Borrowing for the year ending 30 April 2025.
“The House considered and approved the report of the Committee on Niger Delta Development Commission (NDDC) regarding the allocation from the Statutory Revenue Fund. The total sum approved is N1,911,800,000,000 (one trillion, nine hundred and eleven billion, eight hundred million naira). This allocation includes N38,545,349,193 for Personnel Expenditure, N29,246,506,753 for Overhead Expenditure, N8,785,574,130 for Internal Capital Expenditure, and N835,222,569,924 for Development Projects. Additionally, N1,000,000,000,000 is allocated for Legacy Projects funded through borrowing, for the fiscal year ending April 30, 2025. The House also approved the recommendations contained in the report.”