PRESIDENT Bola Tinubu has urged the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act.
Tinubu’s request, which was contained in a letter addressed to Senate President, Godswill Akpabio, and read at plenary on Wednesday, July 17, said: “Pursuant to Section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999, as amended, I forward herewith the above Bills for consideration and passage by the Senate.
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which are to be funded by expected revenue accruing to the Federal Government of Nigeria.”
The President said the proposed amendments to the Finance Act 2023 were required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, health care access and public welfare initiatives and projects, all of which are essential components of his administration’s Renewed Hope agenda.
