President Bola Tinubu, on Wednesday, forwarded a letter to the Senate, seeking their approval to add ₦6.2 trillion to the ₦27.5 trillion 2024 budget.

President Tinubu’s request was contained in a letter read during plenary by Nigeria’s Senate President, Senator Godswill Akpabio.

The letter shows the President seeks Senate approval for the withdrawal of ₦3.2 trillion from the Consolidated Revenue Fund, for capital expenditure.

The President, in the second leg of the request as contained in the letter, seeks approval for the withdrawal of another ₦3 trillion from the consolidated revenue fund for additional recurrent expenditure for the year ending on the 31st day of December 2024.

He also requested in the letter, an Act to amend the Finance Act of 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.

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The President’s requests have already been listed on the Order Paper as Executive bills for consideration by the Senate.

The president said, “Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the senate.

“The appropriation act amendment bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the proper operation of the federal government.

“They shall be funded by accruing to the federal government of Nigeria.

“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all of which are components of the Renewed Hope Agenda.”