Tinubu seeks Senate’s approval for N6.2trn supplementary budget

President Bola Tinubu has requested that the Senate approve a supplementary budget of N6.2 trillion, increasing the total budget for 2024 from N27.5 trillion to N33.7 trillion.

During Wednesday’s plenary session, Senate President Godswill Akpabio read a letter from Tinubu requesting authorization to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditure projects.

He requested an additional N3 trillion withdrawal from the Consolidated Revenue Fund for recurrent expenditures for the remainder of the 2024 fiscal year, which ends on December 31, 2024, in the second part of his request.

Tinubu requested that the Senate pass a bill to amend the 2023 Finance Act, aiming to introduce a windfall tax on banks and establish a framework for the collection and management of this tax, along with related matters.

The Senate has fast-tracked the president’s requests by including them in its Order Paper as Executive bills, paving the way for their swift consideration and potential approval.

The approval of the additional N6.2 trillion will result in a significant 22.7% increase in the total budget for 2024, from N27.5 trillion to N33.7 trillion.