President Bola Ahmed Tinubu has requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act, seeking an increase of N6.2 trillion in the budget.
In a letter addressed to Senate President Godswill Akpabio, Tinubu stated, “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 Senate.”
The President explained that the proposed amendments are aimed at providing funds for critical infrastructure projects and recurrent expenditure requirements.
“The appropriation act amendment bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country, and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the proper operation of the federal government,” he said.
Tinubu also proposed a one-time windfall tax on foreign exchange gains realised by banks in their 2023 financial statements, stating, “The proposed amendments to the Finance Acts 2023 are required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, healthcare, and welfare initiatives, all of which are components of the Renewed Hope Agenda.”
According to Nairametrics, banks in Nigeria recorded a profit of N3.2 trillion in 2023, largely due to forex revaluation gains.
