ECONOMY: Tinubu Signs #2.1t 2023 Supplementary Budget .... Aims to strengthen Nigeria's security architecture and address Nigeria's critical infrastructure deficit, amongst other considerations.

President Tinubu signing the 2023 Supplementary Budget

"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." Tinubu

Nigeria's President, Asiwaju Bola Ahmed Tinubu has 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.  

This was revealed in a statement signed by Chief Ajuri Ngelale, Special Adviser on Media and Publicity to the President.

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. 

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.