The Senate swiftly considered President Bola Tinubu’s request for a N6.2 trillion appropriation bill amendment.
They also discussed amending the Finance Act 2023 to impose a windfall tax on banks as a means of generating additional revenue. Senator Tinubu requested the withdrawal of N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and another N3 trillion for additional recurrent expenditure for the year 2024.
The Senate expedited the consideration of these requests by giving them first and second readings. They assigned their committees on Appropriations and Finance to provide further legislative inputs and report back within a week. The Leader of the Senate, Senator Michael Opeyemi Bamidele, explained that the amendment bill aimed to fund infrastructure projects and meet recurrent expenditure requirements.
The amendment to the Finance Act 2023 was intended to impose a one-time windfall tax on banks based on their foreign exchange gains in 2023. Senator Adamu Alero emphasized the importance of supporting the bills to ensure funds for minimum wage payments and infrastructure projects. Other senators, including Sen. Garuba Maidoki, Adetukunbo Abiru, Adams Oshomole, and Sani Musa, also expressed their support.
Deputy President of the Senate, Jibrin Barau, stated that the amendment to the 2024 appropriation act aimed to provide additional revenues for the budget.
