President Bola Ahmed Tinubu yesterday, signed into law, the 2023 N2.17trillion supplementary budget, following its passage last Thursday by the National Assembly.
Recall that following the adoption of a report by the Appropriations Committee, presented by the chairman, Senator Adeola Olamilekan during plenary, the Senate last Thursday approved the supplementary Appropriation Bill transmitted to the parliament by President the previous Tuesday.
A detail of the 2023 Supplementary budget indicated that, N1.010.802, 015,985 was for Recurrent expenditure while N1.165, 989,270,049 was for Capital expenditure.
Providing a breakdown of the supplementary budget, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, said the newly-approved expenditure for defence and security consists of about 30%, while 35% is dedicated to the provision of critical infrastructure to be allocated to the Federal Ministries of Works, the Federal Capital Territory (FCT), and Housing & Urban Development.
The Minister further explained that 32% 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.
President Tinubu commended the National Assembly for its expeditious consideration and approval, assuring Nigerians that the executive arm of government would ensure the judicious use of the budgeted resources.
