By Mercy Aikoye
President Bola Tinubu on Wednesday, July 17, wrote the House of Representatives seeking to increase the 2024 Appropriation Act by N6.2 trillion as read by the Speaker Tajudeen Abbas during plenary. This would increase the 2024 budget to N34.9 trillion from an initial N28.7 trillion signed by the President on January 1 this year.
The letter sought an amendment to the budget to provide for N3.2 trillion for infrastructure projects and N3 trillion for recurrent expenditure.
Tinubu also asked the House to amend the Finance Act of 2023 to tax windfalls gotten by banks owing to foreign exchange gains. This was as the House passed a Bill for the amendment for a second reading in line with the President’s request.
Also, the Bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Tax on Banks and Provide for the Administration, scaled second reading.
The House also considered and approved N1.9 trillion budget for the Niger Delta Development Commission (NDDC).The report of the Committee on NDDC presented by Hon. Erhiatake Ibori–Suenu after it’s consideration was approved by the house.
