Breaking: N6.2 trillion to be added to the 2024 budget
President Bola Tinubu has sent the N6.2 trillion addition to the N27.5 trillion 2024 budget to the Senate For review and approval.
During Wednesday’s plenary session, the Senate President, Godswill Akpabio, delivered a letter from the President requesting the specific withdrawal of N3.2 trillion for capital expenditures from the Consolidated Revenue Fund.
In the second part of the proposal, the President asked to take out an additional N3 trillion for recurrent spending for the year that ends on December 31, 2024, from the consolidated revenue fund.
In the letter, Tinubu also requests an Act to modify the Finance Act of 2023, levy a windfall tax on banks, and handle concerns pertaining to the administration of the tax.
The Senate had previously placed the two petitions on its Order Paper as Executive legislation for prompt consideration.
The budget size will rise to N33.7 trillion if the requested N6 2 trillion is added to the N27 5 trillion 2024 budget.
Recall that President Bola Ahmed Tinubu said he will soon present the 2024 supplementary bill to the National Assembly.
The Senate had stated that upon resumption in July, President Bola Tinubu will forward the 2024 Supplementary budget to the lawmakers for approval.
The President had pleaded with the Senate and the House of Representatives to keep cooperating with the administration in order to set the nation up for long-term growth and prosperity.
The budget for 2024 was ₦1.2 trillion more than the one that the President had first presented before the combined NASS session on November 29, 2023.
With a daily oil production estimate of 1.78 million barrels, the President set the price of oil at $77.96 in what was dubbed the 2024 “Budget of Renewed Hope.”
Tinubu had on January 1, 2024, assented to the ₦28.7 trillion 2024 Appropriation Bill passed by the Senate.
