President Bola Tinubu has urged the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act.
Tinubu’s request is contained in a letter addressed to President of Senate, Godswill Akpabio and read at plenary on Wednesday.
Tinubu in the letter said, “Pursuant to Section 58, sub section 2 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 N3.2 trillion for renewed hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 trillion 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.”
Tinubu 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.
This, he said, was to fund capital infrastructure development, education, healthcare access and public welfare initiatives.
According to the President, all of the projects are essential components of the renewed hope agenda of the administration. (NAN)
