President Bola Tinubu on Wednesday, November 8, signed the 2023 Supplementary Budget N2.17trn into law at the Presidential Villa in Abuja.
The Senate and the House of Representatives passed the N2.17trn 2023 supplementary appropriation bill after a third reading last Thursday, November 2.
The lawmakers passed the bill in no time, stating it was for the benefit of the country.
Before the passage of the bill, the Senate adopted the report of the harmonised sittings of both red and green chambers on the 2023 Supplementary Appropriation Bill as submitted by the Chairman of the Appropriations Committee, Senator Solomon Olamilekan Adeola (APC, Ogun West).
Tinubu had written the National Assembly seeking the approval of the sum of N2,176,791,286,033 as the 2023 supplementary budget to address labour wage adjustments, security, and more. The President had also sent the 2024-2026 Medium Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to both chambers of the National Assembly,
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, Rt. Hon. Tajudeen Abbas; Secretary to the Government of the Federation, Sen. George Akume; Majority Leader of the Senate, Opeyemi Bamidele; the Chairmen of the Appropriation Committees in the Senate, Sen. Olamilekan Adeola, and the House of Representatives, Hon. Abubakar Bichi, as well as the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji.
Providing a breakdown of the supplementary budget, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, said the newly approved expenditure for defence and security consists of about thirty percent, while thirty-five percent 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 percent 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.