President Bola Tinubu in a letter to the written to the Senate asked for a rise in the 2024 appropriation act by N6.2 trillion, from N28.7 trillion to N34.9 trillion.
Tinubu’s letter was read aloud by Senate President Godswill Akpabio on the upper legislative house floor on Wednesday, according to Nairametrics.
In the letter, Tinubu suggests setting aside N3 trillion for ongoing expenses and N3.2 trillion for infrastructural projects.
“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 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 prosper operation of the federal government.
“They shall be funded by accruing to the federal government of Nigeria,” Tinubu said.
In addition, Tinubu urged the National Assembly to amend the Finance Act of 2023, specifically targeting windfalls generated by banks from “foreign exchange gains.”
His request, targets ensuring a fair taxation policy, to address the profits banks accrue due to fluctuations in foreign exchange rates.
He said that this would finance public welfare, education, health care access, and the construction of capital infrastructure.
“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all which are components of the Renewed Hope Agenda,” Tinubu said.
Top Nigerian Banks raked in a profit of N3.3 trillion in 2023 mostly arising from forex revaluation gains.
The 2024 appropriations bill was approved by the National Assembly in January 2024, surpassing President Bola Tinubu’s initial proposal of N27.5 trillion to N28.7 trillion.
