*President Bola Ahmed Tinubu had requested an amendment to the 2024 Budget with an increase of N6.2 trillion in a letter to the National Assembly, to fund capital infrastructure development, education, healthcare access, and public welfare initiatives, as 鈥榚ssential components of the Renewed Hope Agenda鈥� of the current administration

Isola Moses | 绿帽献妻

Nigeria鈥檚 House of Representatives, in the National Assembly (NASS), Abuja, FCT, has passed the amended 2024 Federal Budget at N35.5 trillion.

This indicates an increase from the N28.7 trillion initial budget.

绿帽献妻 reports President Bola Ahmed Tinubu earlier last week, had requested an amendment with an increase of N6.2 trillion in his letter to the National Assembly was N6.2 trillion.

The House also passed the newly-approved N70,000 new National Minimum Wage bill and the Police Act Amendment Bill.

President Tinubu Wednesday, July 17, 2024, had requested the Senate to amend the 2024 Appropriation Act, and the 2023 Finance Act by increasing the budget with N6.2 trillion.

Tinubu鈥檚 request was contained in a letter he addressed to Senate President Godswill Akpabio, which the latter read at plenary Wednesday.

The Nigerian President also stated in the letter that the decision to jack up the year鈥檚 budget was in line with Section 58, Sub-Section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.

He had stated: 鈥淚 forward herewith the above bills for consideration and passage by the Senate.

鈥淭he Appropriation Act Amendment Bill 2024 seeks to amend the principal Act to provide the sum of 鈧�3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.

鈥淎nd the sum of 鈧�3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria.鈥�

Tinubu added that 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.

According to him, this was to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.

According to the President, all of the projects are 鈥渆ssential components of the Renewed Hope Agenda鈥� of the current administration.

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