• Friday, December 08, 2023
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Tinubu signs 2023 Supplementary Budget into law

Nigeria’s population, huge attractive market for investors – Tinubu

President Bola Tinubu on Wednesday signed the 2023 N2.17 trillion Supplementary Budget into law.

The President signed the bill into law at the Presidential Villa in Abuja on Wednesday, in the presence of Godswill Akpabio, president of the Senate; Opeyemi Bamidele, Senate Leader; and Olamilekan Adeola, Chairman, Senate Committee on Finance.

Also on hand to witness the signing were Tajudeen Abbas, Speaker, House of Representatives, George Akume, Secretary to the Government of the Federation, Atiku Bagudu, Minister of Budget, and Zacch Adedeji, chairman, Federal Inland Revenue Services, ( FIRS).

A breakdown of the budget forwarded to the National Assembly on 30th October shows that the sum of N210 billion was allocated to support the provisional N35,000 wage for workers and an additional N400 billion for cash transfers to assist vulnerable Nigerians.

Read also: Uproar as Tinubu’s supplementary budget allocates N6.9 billion for luxury vehicles

The government also appropriated N5.095 billion for the purchase of the controversial Presidential yacht under the capital expenditure of Nigeria Navy and N5.5 billion for the education loan fund

The sum of N605 billion was allocated to security and national defence, and N200 billion was for the agricultural sector.

Read also: 2023 supplementary budget prioritises security as defence takes N476bn

N210 billion was also earmarked for federal government workers for the approved wage awards meant to cover September to December.

Others include N210b for wage awards recently approved for Nigerian workers covering the period from September to December.

N100 billion was allocated to the Federal Capital Territory, (FCT ), while N18b is set aside for the Independent National Electoral Commission (INEC), for the November 2023 governorship elections in Kogi, Imo and Bayelsa states.

Read also: Service Chiefs, others storm Reps to defend N2.17trn supplementary budget

Apart from the N5.5b set aside for student loans, another N200b is for capital supplementation.

The Federal Executive Council ( FEC) had approved supplementary appropriation and forwarded the sum of N2,176,791,286,033 as supplementary to the lawmakers