President Bola Tinubu has signed the N2.176 trillion Supplementary Appropriation Act into law. This supplementary budget is designed to strengthen the country’s security infrastructure and tackle critical infrastructure deficits.
Swift Legislative Approval
The budget swiftly received approval from both chambers of the National Assembly. During the signing ceremony at the State House in Abuja, President Tinubu expressed his appreciation for the National Assembly’s swift and efficient consideration and approval of the supplementary budget. He reassured the Nigerian people that the government is committed to the responsible and effective utilisation of the allocated funds.
Dignitaries Witness the Signing
The signing of the Supplementary Appropriation Act for 2023 was carried out in the presence of key dignitaries, underscoring the budget’s significance in addressing national priorities. Notable attendees included Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Secretary to the Government of the Federation Senator George Akume, and other high-ranking officials.
To provide a more detailed breakdown of the supplementary budget, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, explained the allocation of funds. Approximately 30% of the newly approved expenditure is designated for defence and security. Another 35% of the budget is earmarked for critical infrastructure, with allocations going to the Federal Ministry of Works, the Federal Ministry of Housing and Urban Development, and the Federal Capital Territory.
Funding Key Initiatives
Furthermore, 32% of the supplementary budget is allocated to fund the new Wage Award for Treasury-paid federal workers. This allocation aims to mitigate the impact of the removal of fuel subsidies, with provisions for cash transfers to vulnerable individuals and support for the Independent National Electoral Commission (INEC), among other considerations.
Senate Approval and Yacht Allocation Exclusion
The Senate’s approval of the N2.17 trillion supplementary budget for 2023 aligns with President Tinubu’s proposal. However, the House of Representatives decided to exclude the contentious N5.095 billion allocation for the purchase of a presidential yacht from the budget.
Beneficiaries of the Supplementary Budget
Various government agencies and departments stand to benefit from the supplementary budget. These include INEC, the Ministry of Defence, police formations and commands, and the Office of the National Security Adviser. Other beneficiaries include the Department of State Services, the Federal Ministry of Agriculture and Food Security, the Ministry of Works, the Ministry of Housing, and the Federal Capital Territory Administration.