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National Assembly approves N2.17tn 2023 supplementary budget

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National Assembly approves N2.17tn 2023 supplementary budget

The Nigerian Senate and the House of Representatives have successfully passed the N2.17tn 2023 Supplementary Appropriation Bill after its third reading.

The bill received unanimous approval in both chambers, following the adoption of the report from the harmonized sittings of the red and green chambers by Chairman of the Appropriations Committee, Senator Solomon Olamilekan Adeola (APC Ogun West).

President Bola Tinubu had formally requested the National Assembly’s approval for the sum of N2,176,791,286,033 as a supplementary budget for 2023. This additional funding is intended to address important matters such as labour wage adjustments, security, and other pressing concerns.

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Notably, President Tinubu had also submitted the 2024-2026 Medium-Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to both chambers of the National Assembly.

Recently, the Senate had passed a separate bill, granting a provision of N819bn for a N500bn palliative package. Tinubu stated that the supplementary budget was necessary to implement essential palliative measures, including wage awards.

The Federal Executive Council (FEC), chaired by President Tinubu, had previously approved the 2023 supplementary budget of N2.1tn.

Lawmakers have emphasized the urgency of expediting the passage of the supplementary budget in order to meet the critical needs of the people and address emergency areas such as infrastructure, insecurity, and labour demands. These demands include the payment of a N210bn wage award and a N5.5bn student loan.

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