Nigerian President Bola Tinubu is requesting the National Assembly to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget with ₦6.2tn.

Tinubu’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at the senate plenary on Wednesday.

The President in the letter, said the move was pursuant to Section 58, sub-section two of the Constitution of the Federal Republic of Nigeria 1999 as amended.

The Appropriation Act Amendment Bill 2024 seeks to amend the principal Act to provide the sum of N3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.

Tinubu added that the proposed amendments to the Finance Act 2023 were required to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements.

He explained that this was to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.

According to the President, all of the projects are essential components of the renewed hope agenda of the administration