FG seeks additional N6.2trn 2024 budget approval from Senate’s 

Federal Government has requested the National Assembly to increase the 2024 Appropriation Act by N6.2 trillion. Out of the N6.2 trillion being requested, N3.2 trillion is earmarked for infrastructure projects, while N3 trillion for recurrent expenditure. This will increase the 2024 budget to N34.9 trillion from N28. 7 trillion. A letter from the presidency to the effect, was read on the floor of the Senate on Wednesday by its President, Godswill Akpabio. 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 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 funds accruing to the federal government of Nigeria.” 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,” the letter said.