President Bola Tinubu has submitted a proposal to the Senate requesting a substantial increase of N6.2 trillion to the 2024 budget. This proposal, disclosed during Wednesday’s session by Senate President Godswill Akpabio, seeks to elevate the budget size from N27.5 trillion to N33.7 trillion.
According to the letter read by Senate President Akpabio, President Tinubu outlined a detailed breakdown of the proposed budget adjustments. The submission includes a request for N3.2 trillion from the Consolidated Revenue Fund earmarked for capital expenditure, emphasizing investments crucial for infrastructural development and economic growth initiatives.
Additionally, Tinubu’s proposal includes a supplementary N3 trillion allocation for recurrent expenditure, aimed at sustaining essential government operations and services throughout the fiscal year ending December 31, 2024.
A significant component of the proposal involves amendments to the Finance Act of 2023, introducing a windfall tax specifically targeting banks. The proposal outlines mechanisms for the administration of this tax, signaling a strategic move to enhance revenue streams while ensuring equitable contributions from key economic sectors.
The Senate has swiftly moved to prioritize these proposals by listing them as Executive bills on its Order Paper, signaling a commitment to expedite the legislative process. This proactive stance underscores the urgency with which the government aims to address critical funding gaps and support key sectors pivotal to Nigeria’s economic recovery and sustainable development.
President Tinubu’s proposal comes amidst a backdrop of fiscal challenges and strategic imperatives aimed at bolstering economic resilience and fostering inclusive growth. If approved, the proposed budget adjustment is poised to inject renewed momentum into national development efforts, leveraging robust investments in infrastructure, social services, and economic reforms.
As deliberations unfold within the Senate chambers, stakeholders and the public alike await further developments, anticipating the potential impact of these budgetary enhancements on Nigeria’s economic trajectory and overall welfare.
The submission of President Tinubu’s ambitious budget proposal underscores a proactive approach towards steering Nigeria’s economic agenda amidst evolving global and domestic dynamics, reaffirming commitments to fiscal prudence and strategic resource allocation.
