The President of the Federal Republic of Nigeria, Bola Tinubu has requested a variation to the 2024 Appropriation Act and the 2023 Finance Act, proposing a N6.2tn budget increase.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read aloud at a plenary session on Wednesday.
Parts of the letter to the Senate President:
“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 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.”
The letter further stated that the action was in accordance with clause 58, sub-clause two of the 1999 Constitution of the Federal Republic of Nigeria , as amended.
These amendments, he added, were crucial to securing the funds needed for capital infrastructure development, improved access to education and healthcare, and a range of public welfare initiatives.
The request made by President Bola Tinubu has already scaled second reading in the House of Representatives.