President Bola Tinubu has requested the Senate’s prompt consideration and approval of a supplementary budget totaling N2.17 trillion. This appeal was made in a letter read on the Senate floor during a recent plenary session by Senate President Godswill Akpabio.
The President’s letter outlined the key provisions of the supplementary budget, which includes N210 billion to support the proposed wage increase to N35,000 for workers and N400 billion allocated for cash transfers to vulnerable Nigerians. Additionally, the supplementary budget is aimed at bolstering the nation’s security and agricultural sectors.
Tinubu also emphasized that N18 billion is earmarked in the budget to address the upcoming off-cycle elections in Kogi, Bayelsa, and Imo.
It’s worth noting that the Federal Executive Council (FEC) had approved the 2023 supplementary budget amounting to N2.1 trillion on the preceding Monday. This budget is primarily intended to address labor wage adjustments and security concerns, among other critical areas.
Once the national assembly grants approval, the 2023 budget, which marks the final appropriation bill of President Muhammadu Buhari’s administration, will expand to a total of N28.17 trillion.
Additionally, President Tinubu has forwarded the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for approval in preparation for the 2024 budget presentation. These documents serve as the foundation upon which budget planning is based, and they indicate a crude oil price of $73.96 per barrel and an exchange rate of N700 in the proposed budget.