President Bola Tinubu has submitted to the Senate for examination and approval an N6.2 trillion injection into the N27.5 trillion 2024 budget.
The President requested, in a letter read on the Senate floor by its President, Godswill Akpabio, during plenary on Wednesday, the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditures.
In the second leg of the request, the President requested that another N3 trillion be withdrawn from the consolidated revenue fund for increased recurrent expenditure in the fiscal year ending December 31, 2024.
According to the letter, Tinubu is also requesting an Act to alter the Finance Act of 2023, imposing and charging a windfall tax on banks, and providing for the tax’s administration and related things.
The Senate has already listed the two petitions as Executive legislation on its Order Paper for expedited consideration.
If the projected N6 2 trillion is inserted into the N27 5 trillion 2024 budget, the total budget size will rise to N33.7 trillion.
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