Nigeria’s President Bola Tinubu has submitted a request to the Senate for approval, seeking to inject N6.2 trillion into the 2024 budget, which currently stands at N27.5 trillion. The injection of funds aims to boost the country’s economy, and if approved, the budget size will increase to N33.7 trillion.

In a letter read on the Senate floor by its President, Godswill Akpabio, during plenary on Wednesday, Tinubu sought the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure. He also requested the withdrawal of an additional N3 trillion from the consolidated revenue fund for recurrent expenditure for the year ending December 31, 2024.

Furthermore, Tinubu is seeking an Act to amend the Finance Act of 2023, with the aim of imposing and charging a windfall tax on banks and providing for the administration of the tax and related matters.

For expeditious consideration, the Senate has already listed the two requests on its Order Paper as Executive bills for consideration. Tope Omogbolagun, a seasoned journalist with over a decade of experience in health reporting, environmental issues, and investigative journalism, covers the National Assembly and reports on this story.

The fate of the proposed budget boost now lies in the hands of the Senate, which must review and approve the request before the funds can be disbursed. If approved, the injection of funds will have significant implications for the Nigerian economy and its citizens.