Budget Enhancement Proposal by President Tinubu
President Bola Tinubu has proposed a significant budget increase for 2024, seeking an additional N6.2tn to be incorporated into the already substantial N27.5 trillion budget. This request was formally presented to the Senate, signaling a major financial adjustment aimed at boosting the nation’s capital and recurrent expenditures.
Details of the Budget Proposal
During a session on Wednesday, Senate President Godswill Akpabio read out President Tinubu’s letter detailing the budget amendments. The proposal includes a N3.2 trillion allocation from the Consolidated Revenue Fund for capital expenditures and an additional N3 trillion for recurrent expenditures for the year ending December 31, 2024.
Strategic Financial Adjustments
The letter also outlined President Tinubu’s plan to amend the Finance Act of 2023. This amendment aims to introduce a windfall tax on banks, enhancing the government’s fiscal strategy and addressing financial management needs.
Senate’s Swift Response
The Senate has shown urgency in dealing with this proposal, placing it on the Order Paper as Executive bills for immediate consideration. This prompt action underscores the importance and urgency of the financial adjustments proposed.
Potential Impact on the National Budget
If approved, these additions will swell the 2024 national budget to an unprecedented N33.7 trillion. This increase reflects the administration’s commitment to significant economic reforms and developmental initiatives.
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