President Bola Tinubu officially signed the 2023 Supplementary Budget of N2.17 trillion into law at the Presidential Villa in Abuja on Wednesday.
The legislative process gained momentum last Thursday when both the Senate and the House of Representatives passed the supplementary appropriation bill after a thorough third reading.
Prior to the bill’s passage, the Senate embraced the report from the harmonized sittings of both chambers, a report presented by Senator Solomon Olamilekan Adeola, the Chairman of the Appropriations Committee.
Lawmakers, emphasizing the bill’s national benefits, ensured its swift approval in both the upper and lower chambers.
Tinubu had earlier sought the National Assembly’s approval for a sum of N2,176,791,286,033 in the supplementary budget.
The funds are earmarked for addressing crucial aspects such as labor wage adjustments, security, and more.
The President concurrently submitted the 2024-2026 Medium Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to both chambers, demonstrating a comprehensive approach to fiscal planning.
The Senate passed N819 billion, allocating N500 billion for a palliative package. Tinubu underscored the necessity of the supplementary bill for additional palliative measures, including wage awards.
The Federal Executive Council, chaired by the President, gave its nod to the 2023 supplementary budget of N2.1 trillion on Monday, solidifying the government’s commitment to addressing critical national needs.