The two chambers of the National Assembly yesterday gave accelerated consideration and approval to President Bola Tinubu’s request for fresh injection of N6.2 trillion into the N27.5 trillion 2024 budget.
The endorsement came as Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday said the federal government would reintroduce the Sugar-sweetened Beverages (SSB) tax to shore up revenues and address health concerns.
Tinubu made the request to raise the budget via a letter read on the floor of the senate by Senate President Godswill Akpabio during plenary on Wednesday.
The same letter was read on the floor of the House of Representatives. Tinubu specifically sought the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure.
The president, also in the letter, sought the withdrawal of another N3 trillion from the Consolidated Revenue Fund for additional recurrent expenditure for the year ending December 31, 2024.
Tinubu equally sought the National Assembly’s nod to amend the Finance Act, 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.
