President Bola Tinubu has sought the approval of the Senate for the injection of N6.2 trillion into the N27.5 trillion 2024 budget.
In a letter read on the floor of the Senate by its President, Godswill Akpabio, the President requested the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure. Additionally, the President sought to withdraw another N3 trillion from the consolidated revenue fund for additional recurrent expenditure for the year ending on December 31, 2024.
The President also proposed 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 related matters.
The Senate has 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.
