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Nigeria: Senate Passes U.S.$2.8 Billion Supplementary Budget

President Bola Tinubu, on Tuesday, wrote to the National Assembly seeking the consideration of the supplementary budget, a day after it was approved by the Federal Executive Council (FEC).

The Senate has passed the N2.1 trillion supplementary budget for the 2023 fiscal year, as proposed by President Bola Tinubu.

The Senate President, Godswill Akpabio, announced the approval of the supplementary budget after the majority of the Senate supported it through a voice vote at the plenary on Thursday.

The supplementary budget was decided on at the Senate Committee of Supply before it was announced.

The Chairperson of the Senate Committee on Appropriation, Adeola Olamilekan, submitted a report of the committee on the budget at about 11:20 a.m.

Presenting the report, Mr Olamilekan said the committee recommended that N18 billion (18,000,000,000) be approved for Statutory Transfers, N1.3 trillion (N1,033,471,162,373) for Recurrent (Non-Debt) expenditure and N1.1 trillion (N1,125,320,123,660) be approved for contribution to the Development Fund for Capital Expenditure for the year ending.

Ministries, Departments and Agencies (MDAs) of the federal government that will benefit from the supplementary budget are Independent National Electoral Commission (INEC), Ministry of Defence, Police Formations and Command and Office of the National Security Adviser

Others are State Security Services, Federal Ministry of Agriculture and Food Security, Ministry of Works, Ministry of Housing and Federal Capital Territory Administration.

The committee’s report which was accompanied with the draft budget was not subjected to debate. The senators voted for the approval of the budget when it was put to vote by the senate president.

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