Bola Ahmed Tinubu has written to the National Assembly to amend the 2024 Appropriation Act and the 2023 Finance Act to accommodate an extra N6.2 trillion, FIJ can report.
Senate President Godswill Akpabio disclosed this while reading Tinubu’s letter during a plenary session on Wednesday. At the time of this report, the bill to amend the 2024 Appropriation Act had passed its second reading in the House.
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In Tinubu’s letter, he requested an additional N3.2 trillion for renewed hope infrastructure projects and N3 trillion for recurrent expenditures necessary for the effective operation of the federal government. These expenditures will be funded by expected federal revenue.
“I forward herewith the above bills for consideration and passage by the Senate. The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2 trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country,” the letter reads in part.
“And the sum of N3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which are to be funded by expected revenue accruing to the Federal Government of Nigeria.”
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Tinubu added that the proposed changes to the Finance Act 2023 would introduce a one-time tax on the extra profits banks made from foreign exchange gains in their 2023 financial statements. This means banks will pay an additional tax based on the extra money earned from changes in currency exchange rates.
Meanwhile, the federal government had just announced its plan to prepare a supplementary budget to finance the implementation of a new minimum wage.
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