The House of Representatives received President Bola Tinubu’s N2.176 trillion 2023 supplemental budget plan on Tuesday, which gave priority to a few areas.
“You will recall that the National Assembly recently passed, and I signed, a Supplementary Appropriations Act 2023 for a total of NGN819,500,000,000.00 (Eight Hundred and Nineteen Billion Five Hundred Million Naira) which, among other things, made provision for a recent critical economic policy decisions of the Federal Government,” stated Tinubu in a letter addressed to the House and read by Speaker Abbas Tajudeen. However, new provisions for palliative measures have become required. These include the increased cash transfer program, which is meant to help the most disadvantaged segments of our society, and the salary award for public personnel.
Furthermore, the government’s goal of economic growth cannot be realized without the urgent need for significant defense spending to maintain peace and ensure the safety of people and property.
“In a similar vein, significant financial investments are also necessary to build desperately needed infrastructure, especially roads, which must be started between now and the end of the year during the (dry season).”Consequently, another Supplementary Appropriations Bill for 2023 is hereby forwarded to the National Assembly for consideration in order to cover the above-mentioned expenditures, which total NGN2,176,791,256,033.00 (two trillion, one hundred and seventy-six billion, seven hundred and ninety-one million, two hundred and fifty six thousand and thirty three naira).
The following are the key figures from the president’s document:
Defense: N476.543 billion.
Work: N300 billion
Food security and agriculture: N200 billion.
habitation: N100 billion
FCT: N100 billion
Police Chiefs: N50 billion
Wide-ranging Votes: N615 billion
N210 billion in capital supplementation
Govt House: N28 billion.
DSS: N49 billion
NSA Office: N29.7 billion
INEC: N18 billion (for the November 11 off-cycle governorship elections in the states of Bayelsa, Kogi, and Imo)
The supplemental budget passed second reading in plenary on Tuesday in an attempt to expedite its adoption. The House’s Committees on Appropriations are likely to provide comments prior to approval later this week or early the following week.