On November 8, President Bola Tinubu officially enacted the 2023 Supplementary Budget of N2.17 trillion at the Presidential Villa in Abuja. This significant legislative milestone was reached following the swift passage of the supplementary appropriation bill by both the Senate and the House of Representatives just a week prior, on November 2.
The expeditious approval of the bill by lawmakers was underscored by their belief that it would greatly benefit the nation. Prior to the bill's passage, the Senate adopted the report generated from the harmonized sessions of both the Senate and the House of Representatives regarding the 2023 Supplementary Appropriation Bill. This report had been submitted by Senator Solomon Olamilekan Adeola, the Chairman of the Appropriations Committee, representing the Ogun West Senatorial District under the All Progressives Congress (APC).
The genesis of this supplementary budget request originated from President Tinubu, who had petitioned the National Assembly for approval of a total of N2,176,791,286,033 to cater to various crucial needs in the year 2023. These needs included addressing adjustments in labor wages and enhancing security, among others. Simultaneously, President Tinubu had dispatched the 2024-2026 Medium Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to both chambers of the National Assembly.
The President formally signed the Supplementary Appropriation Act, 2023, within the confines of his office at the State House. He was joined by key figures, including 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 and the House of Representatives (Sen. Olamilekan Adeola and Hon. Abubakar Bichi, respectively), as well as the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji.
To provide a comprehensive overview of the supplementary budget, Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, elaborated on its allocation. He revealed that roughly 30% of the newly approved expenditure was earmarked for defense and security, with an additional 35% dedicated to critical infrastructure projects. These projects were to be allocated to the Federal Ministries of Works, the Federal Capital Territory, Housing & Urban Development.
Furthermore, Senator Bagudu clarified that 32% of the supplementary budget was allocated for the new Wage Award for treasury-paid federal workers. This allocation aimed to mitigate the impact of the fuel subsidy removal and also encompassed provisions for cash transfers to vulnerable individuals and support for the Independent National Electoral Commission (INEC), among other critical considerations.
In his remarks, President Tinubu expressed his appreciation for the National Assembly's prompt consideration and approval of the supplementary budget. He assured Nigerians that the executive branch would ensure the prudent and effective utilization of the allocated resources to benefit the nation as a whole.
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