President Tinubu requests N6.2 trillion increase to the 2024 budget, raising it to N34.9 trillion. Funds are allocated for infrastructure projects and recurrent expenditure. Bill passes the second reading in the House of Representatives. The move aligns with plans for a supplementary budget and a potential new minimum wage.
In a bold move that has sent ripples through Nigeria's political and economic landscape, President Bola Tinubu has requested the National Assembly to approve a staggering N6.2 trillion increase to the 2024 budget. This unexpected proposal would elevate the total budget from N28.7 trillion to an unprecedented N34.9 trillion.
The request, delivered via a letter read by Senate President Godswill Akpabio, outlines plans to allocate N3.2 trillion for "Renewed Hope Infrastructure Projects" and other critical developments across the country. An additional N3 trillion is earmarked for recurrent expenditure, aimed at ensuring smooth government operations.
This significant budget expansion comes mere months after Tinubu signed the initial 2024 budget into law on January 1st. The bill to increase the budget has already scaled the second reading in the House of Representatives, indicating potential support for the President's ambitious plans. However, questions remain about how this massive increase will be funded and its implications for Nigeria's already strained economy.
As Nigeria grapples with economic challenges, including high inflation and a weakening currency, this substantial budget increase is likely to spark intense debate. Economists and policy analysts will be closely watching how this fiscal expansion impacts the country's economic indicators and development goals in the coming months.
