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Friday, May 24, 2024

President Tinubu Signs N2.1trn 2023 Supplementary Budget

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President Bola Tinubu on Wednesday signed the 2023 N2.176 trillion Supplementary Appropriation Act into law.

The budget is to strengthen security architecture and address critical infrastructure deficit, among other considerations.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, made this known in a statement on in Abuja.

He said that Mr Tinubu signed the appropriation Act in the presence of Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

Others at the ceremony are Secretary to the Government of the Federation George Akume; Majority Leader of the Senate Opeyemi Bamidele and the Chairmen of the Senate Appropriation Committees Olamilekan Adeola.

Also present are member of the House of Representatives, Hon. Abubakar Bichi, as well as Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji.

Providing a breakdown of the supplementary budget, the Minister of Budget and Economic Planning, Abubakar Bagudu, said the 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 and Urban Development.”

Mr Bagudu further explained that 32 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.

” This is in addition to cash transfers to vulnerable persons, and support to the Independent National Electoral Commission (INEC), amongst other considerations. ”

The President commended the National Assembly for its expeditious consideration and approval of the supplementary budget.

He assured Nigerians that the executive arm of government would ensure the judicious use of the budgeted resources.

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