President Bola Tinubu signed the N2.176 trillion Supplementary Appropriation Act on Wednesday, addressing key issues including strengthening Nigeria’s security infrastructure and tackling critical infrastructure deficits.
The supplementary budget aims to support these priorities and other important considerations.
The signing took place at the State House in Abuja and was attended by Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Secretary to the Government of the Federation George Akume, Majority Leader of the Senate Opeyemi Bamidele, Chairmen of the Appropriation Committees in the Senate and House of Representatives, and the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.
The National Assembly had recently passed the supplementary budget, with the only difference being the allocation of N5 billion for the procurement of a presidential yacht, which was eventually moved to the student loan budget line after minor discrepancies between the House and Senate versions.
The supplementary budget’s breakdown was provided by the Minister of Budget and Economic Planning, Abubakar Bagudu.
Approximately 30% of the expenditure is allocated to defence and security, while 35% is dedicated to critical infrastructure, which will benefit the Federal Ministries of Works, the Federal Capital Territory, and Housing & Urban Development.
32% of the budget is allocated to a new wage award for treasury-paid federal workers to help offset the effects of the removal of fuel subsidies, among other allocations.
President Tinubu expressed appreciation to the National Assembly for their prompt consideration and approval of the supplementary budget.
He assured Nigerians that the executive branch would ensure the prudent and effective use of the budgeted resources to address the nation’s pressing needs.
Source: Premium Times