The National Assembly has passed for second reading, an Executive Bill seeking to tax the windfall made by banks from foreign exchange business. The bill is an amendment to the Finance Act of 2023.
The one-time tax will be used to finance capital infrastructure development, education, healthcare and other welfare initiatives, according to the Federal Government.
Another Executive Bill which scaled the second reading seeks to increase the 2024 Appropriation Act by N6.2 trillion.
Senate President Godswill Akpabio and Speaker Abbas Tajudeen read a letter from President Bola Tinubu during plenaries in both chambers.
The President sought to increase the 2024 budget to N34.9trillion from the N28.7trillion signed on January 1.
The amendment is to provide for an additional N3.2 trillion for projects and N3 trillion for recurrent expenditure.
The President’s letter reads: “Pursuant to Section 58 (2) of the Constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named Bills for consideration and passage.
“The Appropriation Act Amendment Bill seeks to amend the principal Act to provide the sum of N3.2trillion for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and the sum of N3trillion to meet further recurrent expenditure requirements necessary for the proper operation of the Federal Government.
“They shall be funded by funds accruing to the Federal Government of Nigeria.”
