The Senate has quickly taken up President Bola Tinubu’s request for a N6.2 trillion amendment to the appropriation bill.
This includes a proposed amendment to the Finance Act 2023 to impose a windfall tax on banks, aimed at generating additional revenue.
Tinubu requested the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and another N3 trillion for additional recurrent expenditure in 2024.
The Senate gave the requests first and second readings, referring them to the Appropriations and Finance committees for further review, with a report due within a week.
Senate Leader Michael Opeyemi Bamidele explained that the amendment bill is designed to fund infrastructure projects and cover recurrent expenses.
The Finance Act 2023 amendment seeks to impose a one-time windfall tax on banks based on their foreign exchange gains in 2023.
Senator Adamu Alero stressed the need to support these bills to secure funding for minimum wage payments and infrastructure projects. Other senators, including Garuba Maidoki, Adetukunbo Abiru, Adams Oshomole, and Sani Musa, also voiced their support.
Deputy Senate President Jibrin Barau stated that the amendments aim to boost revenue for the 2024 budget.
