By Goodluck Ikiebe
President Bola Tinubu has signed the 2023 Supplementary Budget of N2.17trn into law at the Presidential Villa in Abuja.
Last Thursday, the Senate and the House of Representatives passed the N2.17trn 2023 supplementary appropriation bill after a third reading.
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).
The bill expeditiously scaled readings in both upper and lower chambers as lawmakers said it was for the benefit of the country.
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,
Recently, the Senate passed N819bn making provision for a N500bn palliative package.
Tinubu had said the supplementary bill was necessary for additional palliative measures including wage awards. The Federal Executive Council (FEC) chaired by the President on Monday approved the 2023 supplementary budget of N2.1 trillion.
Explaining further, 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.
According to him, 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.
