Home News Tinubu Signs N2.1trillion Supplementary 2023 Budget
News

Tinubu Signs N2.1trillion Supplementary 2023 Budget

Share
President Tinubu signing the supplementary budge .
Share

President Bola Tinubu signed the N2.176 trillion Supplementary Appropriation Act on Wednesday in Abuja to strengthen Nigeria’s security architecture and address Nigeria’s critical infrastructure deficit, amongst other considerations.

The President signed the Supplementary Appropriation Act, 2023, in his office at the State House in the presence of Senate President Godswill Akpabio; Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas; Secretary to the Government of the Federation, Sen. George Akume; Majority Leader of the Senate, Opeyemi Bamidele; the Chairmen of the Appropriation Committees in the Senate, Sen. Olamilekan Adeola, and the House of Representatives, Hon. Abubakar Bichi, as well as the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji.  

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 thirty percent, while thirty-five percent is dedicated to the provision of critical infrastructure to be allocated to the Federal Ministries of Works, the Federal Capital Territory, and Housing & Urban Development. 

Read Also: National Assembly Passes N2.1tr Supplementary Budget For 2023

The Minister further explained that thirty-two percent 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.  

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Saudi Crown Prince Praises Nigeria’s Ongoing Reforms, Assures Of Support

The Saudi Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed...

NDLEA Arrests Cross-border Drug Syndicates, Arrests Six Kingpins

Operatives of the National Drug Law Enforcement Agency, NDLEA, have smashed two...

Lagbaja: President Tinubu Postpones Federal Executive Council Meeting

President Bola Ahmed Tinubu, commander-in-chief of the Armed Forces, has ordered rescheduling...

Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja Dies At Age 56

President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, regrets to announce...