The Nigerian National Assembly has swiftly passed an N2.17 trillion supplementary budget aimed at addressing urgent time-bound issues.
According to Senator Ali Ndume, who serves as the Whip of the Senate and deputy chairman of the Senate Appropriations Committee, this was done to facilitate the government’s ability to pay workers’ wages and prepare for upcoming off-cycle elections.
The speedy passage of the supplementary budget also addresses the increased prices of fuel, essential services, and food items in the country after the withdrawal of fuel subsidies.
One of the key provisions in the supplementary budget is the payment of N35,000 to over 1.5 million workers, following negotiations between labor unions and the federal government.
Additionally, it includes funds for the Independent National Electoral Commission (INEC) to prepare for off-cycle elections, which are scheduled for November 11.
Other areas covered by the supplementary budget include a student loan scheme, the establishment of newly created ministries, and the removal of funds for a presidential yacht.
The House of Representatives made amendments to the budget by reallocating the funds initially allocated for the presidential yacht to student loans.
The presidency clarified that the yacht was not intended for the president but was requested by the Navy for its operations.
The supplementary budget has not yet been signed into law by President Bola Tinubu.
Source: Premium Times