President Bola Tinubu has formally requested the Senate’s consideration and approval for the injection of N6.2 trillion into the existing N27.5 trillion 2024 budget. This proposal was read at the Senate plenary by Senate President Godswill Akpabio.

President Tinubu’s request includes a withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure. Additionally, he seeks the withdrawal of another N3 trillion from the same fund to cover additional recurrent expenditures for the year ending December 31, 2024.

In his letter, Tinubu also proposed an amendment to the Finance Act of 2023 to impose and charge a windfall tax on banks, along with provisions for the administration of the tax and related matters.

For swift consideration, the Senate has already listed the two requests on its Order Paper as Executive bills.

Should the Senate approve the requested N6.2 trillion injection, the total budget size for 2024 will increase from N27.5 trillion to N33.7 trillion.