President Bola Ahmed Tinubu has written to the National Assembly requesting a N6.2 trillion increase in the 2024 Appropriation Act. The request was made in a letter read aloud by Senate President Godswill Akpabio during the Wednesday session in the upper legislative chamber. This adjustment raises the 2024 budget to N34.9 trillion, up from the original N28.7 trillion budget approved by President Tinubu on January 1st.
The president’s request is aimed at allocating additional funds for infrastructure initiatives and ongoing expenses. The proposed amendment seeks to provide N3.2 trillion for Renewed Hope Infrastructure Projects and other critical infrastructure projects across the country, as well as N3 trillion for further recurrent expenditure requirements necessary for the proper operation of the federal government.
President Bola Ahmed Tinubu Seeks to Amend Appropriation Act to Fund Infrastructure Projects
President Bola Ahmed Tinubu’s request to amend the Appropriation Act aims to provide additional funding for infrastructure projects and ongoing expenses. The proposed amendment seeks to allocate N3.2 trillion for Renewed Hope Infrastructure Projects and other critical infrastructure projects across the country. This move is expected to boost economic growth and development in Nigeria.
The president’s request is in line with his administration’s Renewed Hope Agenda, which prioritizes infrastructure development, education, healthcare, and welfare initiatives. The proposed amendments to the Finance Acts 2023 will also introduce a one-time windfall tax on foreign exchange gains realized by banks in their 2023 financial statements to fund capital infrastructure development.
National Assembly to Consider President’s Request
The National Assembly is set to consider President Bola Ahmed Tinubu’s request to increase the 2024 Appropriation Act by N6.2 trillion. The request was made in a letter read aloud by Senate President Godswill Akpabio during the Wednesday session in the upper legislative chamber. The National Assembly will review the proposal and consider its implications on the country’s economy.
The consideration of the president’s request is expected to be a thorough process, with lawmakers examining the proposed amendments to ensure they align with the country’s economic goals. The National Assembly’s approval of the request will depend on various factors, including the potential impact on the country’s fiscal deficit and the overall economy.
Infrastructure Development a Priority for Tinubu’s Administration
President Bola Tinubu’s request to increase the 2024 Appropriation Act by N6.2 trillion prioritizes infrastructure development in Nigeria. The proposed amendment seeks to allocate N3.2 trillion for Renewed Hope Infrastructure Projects and other critical infrastructure projects across the country. This move is expected to improve the country’s infrastructure and boost economic growth.
Infrastructure development is a key component of the Tinubu administration’s Renewed Hope Agenda, which aims to transform Nigeria’s economy and improve the lives of citizens. The proposed investment in infrastructure projects is expected to have a positive impact on the country’s economic growth and development.
President Bola Ahmed Tinubu’s Request to Fund Ongoing Expenses and Infrastructure Projects
President Bola Ahmed Tinubu’s request to increase the 2024 Appropriation Act by N6.2 trillion also seeks to fund ongoing expenses and infrastructure projects. The proposed amendment aims to allocate N3 trillion for further recurrent expenditure requirements necessary for the proper operation of the federal government. This move is expected to ensure the smooth operation of government activities and projects.
The funding of ongoing expenses and infrastructure projects is critical to the implementation of the Tinubu administration’s Renewed Hope Agenda. The proposed investment in these areas is expected to have a positive impact on the country’s economic growth and development, as well as the well-being of citizens.
National Assembly’s Approval Crucial for Budget Revision
The National Assembly’s approval is crucial for the revision of the 2024 budget. President Bola Ahmed Tinubu’s request to increase the Appropriation Act by N6.2 trillion requires the approval of the National Assembly to take effect. The lawmakers will review the proposal and consider its implications on the country’s economy before making a decision.
The approval of the president’s request will depend on various factors, including the potential impact on the country’s fiscal deficit and the overall economy. The National Assembly’s decision will be critical in determining the fate of the proposed budget revision and its potential impact on Nigeria’s economic growth and development.
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