Ogasabi and 9AM News Nigeria: Tinubu Proposes N6.2 Trillion Budget Increase for 2024
In an effort to boost national spending from N28.7 trillion to N34.9 trillion, Ogasabi and 9AM News Nigeria report that President Bola Tinubu has proposed raising the 2024 budget by N6.2 trillion. Senate President Godswill Akpabio revealed Tinubu’s proposal during a session on Wednesday.
Tinubu’s proposal allocates N3.2 trillion for capital projects and another N3 trillion for ongoing expenses. The appropriations act amendment bill aims to fund the Renewed Hope projects and other vital national initiatives.
In accordance with section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I hereby submit the above-mentioned bills for consideration and passage by the Senate,”
Tinubu stated in his letter.
To finance these expansions, Tinubu suggested changes to the Finance Act of 2023, targeting banks’ windfall profits from foreign exchange gains. This proposal imposes a one-time windfall tax on banks’ foreign exchange gains reported in 2023. The funds will support public welfare, healthcare, education, and essential capital infrastructure projects under the Renewed Hope Agenda.
9AM News Nigeria highlights that top Nigerian banks reported N882.9 billion in earnings in the first quarter of 2024, with significant profits of N3.3 trillion in 2023, primarily from FX revaluation gains. Ogasabi emphasizes the importance of these measures in bolstering national development.
