The President of the Federal Republic of Nigeria, His Excellency President Bola Ahmed Tinubu, today, July 17th, 2024, wrote to the Senate requesting adjustments to the 2024 Appropriation Act totaling an estimated amount of 6.2 trillion Naira, from 28.7 trillion to 34.9 trillion.
The President of the Senate, His Excellency Senator Godswill Akpabio, on Wednesday, read the letter of request sent by the President himself during a Senate hearing.
In the letter, His Excellency proposes allocating N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.
See the content of the letter below:
“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 prosperous operation of the federal government. They shall be funded by accruing to the Federal Government of Nigeria,” Tinubu said.
In addition, His Excellency President Tinubu urges the National Assembly to amend the Finance Act of 2023, specifically targeting windfalls generated by banks from foreign exchange gains. This aims to ensure a fair taxation policy and address the profits banks accrue due to fluctuations in foreign exchange rates. Tinubu stated that this initiative aims to fund infrastructure development, healthcare access, and public welfare initiatives.
Now, the background story:
This is not the first time the appropriation bill has been reviewed. In January 2024, the National Assembly passed the 2024 Appropriation Bill, increasing its size from President Tinubu’s proposed N27.5 trillion to N28.7 trillion. This increase of about N1.2 trillion was made to accommodate further requests from the executive for additional funding. The Committee on Appropriation made amendments to the bill, including adjustments in foreign exchange differentials, an increase in Government-Owned Enterprises’ (GOEs’) revenue, reduction in GOE’s personnel, Service Wide vote (wage adjustment), and reduction from Service Wide.
