President Seeks Expedited Passage Of N2 Trillion Supplementary Budget

 ....KINDLY READ THE FULL STORY HERE▶

The Nigerian leader submitted this request in a letter presented to the Senate during its session on Tuesday by Senate President Godswill Akpabio…CONTINUE READING

The President highlighted in the letter that the Supplementary Budget aimed to allocate provisions, such as the N35,000 minimum wage for workers, which would amount to N210 billion, alongside N400 billion for cash transfers to support vulnerable Nigerians.

Tinubu underscored the supplementary budget’s focus on bolstering the country’s security and agricultural sectors, including the allocation of N18 billion for the upcoming off-cycle elections in Kogi, Bayelsa, and Imo.

The Federal Executive Council recently sanctioned the 2023 supplementary budget of N2.1 trillion to tackle issues such as labor wage adjustments and security concerns.

Once approved by the National Assembly, the 2023 budget, the final appropriation bill of President Muhammadu Buhari’s administration, will escalate to N28.17 trillion.

Additionally, the President forwarded the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for validation before the 2024 budget presentation.

The MTEF and FSP serve as the foundation for budgetary plans. These documents outlined the federal government’s projection of $73.96 for the price of crude oil per barrel and an exchange rate of N700.