Supplementary Budget Moves Forward: Senate Approves N2.1 Trillion Bill In Second Reading

The Senate swiftly advanced the 2023 Supplementary Appropriation Bill, totaling N2.1 trillion, to its second reading on Tuesday…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

This supplementary budget proposal was submitted by President Bola Tinubu, who had sought Senate approval for the allocation of N2,176,791,286,033 to address critical needs such as labor wage adjustments, security, and other pressing issues.

Additionally, President Tinubu had also forwarded the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for their consideration.

NAN reports that the Federal Executive Council (FEC) had previously granted approval for the 2023 supplementary budget of N2.1 trillion on Monday.

During the debate on the bill’s general principles, Senator Opeyemi Bamidele, the Leader of the Senate, proposed the suspension of Rule 78 (1) to enable the bill’s second reading.

Bamidele conveyed that the bill aimed to authorize the disbursement of N2,176,791,286,033 from the Consolidated Revenue Fund of the Federation, with N18 billion designated for statutory transfers.

He explained that the supplementary appropriation bill was intended to cover various pressing issues, including capital expenditure related to defense and security, particularly in addressing the prevailing security challenges.

Bamidele further clarified that the supplementary budget included an allocation of N210 billion to fulfill wage awards resulting from negotiations with Labor, in line with the federal government’s agreement to increase the salaries of approximately 1.5 million federal civil servants to N35,000.

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