BREAKING: PRES. TINUBU SEEKS INJECTION OF N6.2TR INTO N27.5TR 2024 BUDGET

July 17, 2024

Read Time:56 Second

President Bola Tinubu has written to the Senate, requesting that N6.2 trillion be added to the N27.5 trillion 2024 budget for consideration and eventual approval.

President Tinubu expressly requests the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditures, according to Senator Godswill Akpabio, the Senate President, who read the resolution during plenary.

In the second part of the request, as stated in the letter, President Tinubu asks for the removal of an additional N3 trillion from the consolidated revenue pool in order to pay for increased recurrent expenses for the year that ends on December 31, 2024.

Mr President in the letter also seeks an Act to amend the Finance Act, of 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.

For expeditious consideration, the Senate had already listed the two requests on its Order Paper as Executive bills for consideration.

If the requested N6 2 trillion is injected into the N27 5 trillion 2024 budget, the budget size will increase to N33.7 trillion.

Details later…