Tinubu Signs N2.17trn 2023 Supplementary Budget
President Bola Ahmed Tinubu has officially signed the second 2023 supplementary appropriation bill into law, totaling N2,176,791,286,033.
The bill had recently stirred controversy in the National Assembly due to provisions related to a presidential yacht by the Navy and over N6 billion allocated for vehicles to the State House.
The signing ceremony took place on Wednesday in the President’s office at the Presidential Villa in Abuja.
The event was attended by prominent figures, including the President of the Senate, Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; Senate Leader, Sen Opeyemi Bamidele; Chairman of the Senate Committee on Finance, Sen Olamilekan Adeola; Chairman of the House of Representatives Committee on Appropriation, Abubakar Kabir Abubakar; Secretary to the Government of the Federation, George Akume; Minister of Budget and Economic Planning, Atiku Bagudu; and Chairman of the Federal Inland Revenue Services, Zachs Adedeji.
Minister Bagudu highlighted the key allocations from the supplementary budget, emphasizing its significance.
Notably, N605 billion has been earmarked for national defense and security to sustain previous security gains. Additionally, N300 billion will be allocated to repair and maintain critical bridges, including the Eko and Third Mainland bridges, along with road construction, rehabilitation, and maintenance across the country.
A substantial N200 billion has been set aside for agricultural support, encompassing seed, agricultural inputs, supplies, implements, and infrastructure to bolster agricultural production.
In an effort to fulfill labor agreements, N210 billion will be allocated for the payment of six months’ provisional wage awards to federal government employees. This payment will cover the period from September to December 2023 and is in line with negotiations involving the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC).
Furthermore, the federal government has dedicated N400 billion for cash transfer payments. This funding is a part of a larger effort involving an $800 million loan from the World Bank, which will be used to provide cash transfers of N25,000 to 15 million households. The N100 billion allocation supplements the World Bank loan to extend the cash transfer program for an additional month.
In a commitment to enhance the infrastructure of the Federal Capital Territory (FCT), N100 billion has been provided for urgent and immediate capital expenditure projects.
Finally, the supplementary budget includes N18 billion to support the Independent National Electoral Commission (INEC) in conducting upcoming elections in Bayelsa, Kogi, and Imo states, along with N5.5 billion for the takeover of the student loans board and N8 billion as a take-off grant for new ministries.
