Tinubu signs 2023 Supplementary Budget of N2.1trn

President Bola Tinubu signed the N2.176 trillion Supplementary Appropriation Act on Wednesday in Abuja to strengthen Nigeria’s security architecture and address the critical infrastructure deficit, amongst other considerations.

According to a statement by the presidential spokesperson, Ajuri Ngelale, the president signed the Supplementary Appropriation Act, 2023, in his office at the State House in the presence of Senate President Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; Secretary to the Government of the Federation, George Akume; Majority Leader of the Senate, Opeyemi Bamidele; the Chairmen of the Appropriation Committees in the Senate, Olamilekan Adeola, and the House of Representatives, Abubakar Bichi, as well as the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.

The National Assembly passed the budget on Thursday last week with a minor difference.

While the House moved the N5 billion allocated for the procurement of a presidential yacht to the student loan line of the budget, the Senate left it intact. The upper chamber subsequently adopted the House version.

Providing a breakdown of the supplementary budget, the Minister of Budget and Economic Planning, Abubakar Bagudu, said the newly approved expenditure for defence and security consists of about 30 per cent, while 35 per cent is dedicated to the provision of critical infrastructure to be allocated to the Federal Ministries of Works, the Federal Capital Territory, and Housing & Urban Development.

The minister further explained that thirty-two per cent of the supplementary budget was allocated to the new Wage Award for treasury-paid federal workers to cushion the effect of the removal of fuel subsidy, in addition to cash transfers to vulnerable persons, and support to the Independent National Electoral Commission (INEC), amongst other considerations.

President Tinubu commended the National Assembly for its expeditious consideration and approval, assuring Nigerians that the executive arm of government would ensure the judicious use of the budgeted resources.