National Assembly Approves N2.17 Trillion 2023 Supplementary Budget

The 2023 Appropriation Bill, with a total allocation of N2.17 trillion, has received the green light from the National Assembly after the third reading. This significant development followed the bill’s successful passage in the House of Representatives earlier in the week, eventually making its way to the Upper Chamber, where it secured approval by the Senate.

Senator Adeola Olamilekan, representing Ogun West and chairing the Appropriations Committee, presented the committee’s report during the plenary session, leading to the budget’s unanimous approval by the lawmakers. This marks a crucial milestone in the fiscal planning for the year 2023.

President Tinubu, in a letter addressed to both chambers, sought the federal lawmakers’ endorsement of his budget proposal. This request marked the second such appeal in the year, with the previous approval amounting to N819.5 billion, aimed at providing support to impoverished Nigerians.

In his letter, President Tinubu stressed the importance of implementing additional palliative measures, including wage awards for public servants and an enhanced Cash Transfer Programme. These measures are intended to provide critical support to the most vulnerable individuals in society.

Furthermore, President Tinubu emphasized the need for substantial investments in defense expenditures to ensure peace and security, which are prerequisites for the government’s economic growth agenda. He also underlined the necessity of critical infrastructure investments, particularly in road construction, with a focus on projects that must commence during the dry season, between now and the end of the year.

The breakdown of the budget reveals several key allocations, including N210 billion designated to support the provisional N35,000 minimum wage for workers and an additional N400 billion for cash transfers to assist vulnerable Nigerians, among other vital initiatives.

Additionally, it was reported by Infostride News that the federal government allocated N5.095 billion for the purchase of a Presidential yacht under the capital expenditure of the Nigerian Navy and N5.5 billion for the education loan fund within the 2023 supplementary budget.

Security and national defense are receiving a substantial allocation of N605 billion, and N200 billion has been earmarked for the agricultural sector. An additional N210 billion is set aside for federal government workers to cover the approved wage awards from September to December, among other provisions.

The House of Representatives, in its approval of the supplementary budget, highlighted the appropriateness of the bill and the government’s responsiveness to the needs and demands of the Nigerian people. The lawmakers stressed that the budget is strategically designed to address the fiscal challenges facing the country, which include salary disbursements, security concerns, and infrastructure development.

Julius Ihonvbere, the leader of the House, while moving the motion for the bill debate, emphasized the government’s commitment to addressing these pressing issues, ensuring that the fiscal provisions cater to the well-being and development of the nation.

At the Senate, Jibrin Barau, the Deputy President of the Senate, expressed the alignment of the proposed budget with the principles of President Tinubu’s administration. He underscored the urgency of addressing security issues, particularly in light of the current challenges facing the country. Barau urged his colleagues to support the government by passing the supplementary budget, which is vital for strengthening security and addressing short-term challenges.

Ali Ndume, the chief whip of the Senate, also stressed the urgent need to address security challenges and emphasized that the timing for the budget couldn’t be more appropriate. Strengthening security through adequate funding is a crucial step in tackling the issues the country faces.

Furthermore, the Committee on Appropriations had an interactive session with the ministers responsible for the agencies included in the supplementary budget. This engagement allowed for a comprehensive discussion of budget allocations and priorities with key stakeholders. The ministers involved include the Minister of Works, David Umahi; the Minister of Housing, Ahmed Dangiwa; Minister of Agriculture and Food Security, Senator Abubakar Kyari; the Minister of State for Defence, Hon Bello Matawale, as well as the Service Chiefs.

The passage of the 2023 Appropriation Bill reflects the commitment of the National Assembly and the federal government to addressing the pressing needs of the nation. With a focus on security, infrastructure, and the well-being of the Nigerian people, the budget aims to set the stage for a prosperous and secure future. This milestone showcases the collaborative efforts of both the legislative and executive branches to provide effective governance and meet the challenges head-on. Infostride News will continue to monitor the budget’s implementation and its impact on the Nigerian economy and society as a whole.