Tinubu signs N2.17trn 2023 supplementary budget into law

….Nigerian President, Asiwaju Bola Ahmed Tinubu on Wednesday, signed into law, the 2023 N2.17trillion supplementary budget, following its passage by the National Assembly.

Recall that following the adoption of a report by the Appropriations Committee, presented by the chairman, Senator Adeola Olamilekan (Ogun West) during plenary, the Senate on Thursday approved the N2.176 trillion 2023 supplementary budget transmitted to the parliament by President Bola Ahmed Tinubu on Tuesday.

It would be recalled that the President had, in a letter read in both chambers, asked the federal lawmakers to approved the proposal, the second of such this year after N819.5 billion was approved to provide palliatives for poor Nigerians, saying it has become necessary to make further provision for additional palliative measures, including the wage award for public servants and the enhanced Cash Transfer Programme which is intended to benefit the most vulnerable members of society.

Continue reading after the advertisment
“In addition, critical defence expenditures are also urgently required to provide for peace and the security of lives and property without which the government’s economic growth agenda cannot be achieved.

“Similarly, critical investments are also required to construct much needed infrastructure, particularly roads, which projects must be commenced within the (dry season) period between now and the end of the year,” he added.

A detail of the 2023 Supplementary budget indicated that, N1.010.802,015,985 was for Recurrent expenditure while N1.165,989,270,049 was for Capital expenditure.”

This online news platform had earlier reported that President Asiwaju Bola Ahmed Tinubu had on Wednesday, sought Senate’s approval of a request to borrow $7.8billion and €100 million as part of the 2022 – 2024 borrowing plan of the Federal Government.

,,,,,,Tinubu, who made the request in a letter read by the Senate President Godswill Akpabio during plenary session, said that the Federal Executive Council under former President Muhammadu Buhari had approved the loan facility on May 15, 2023 to finance infrastructure, health, education, agriculture, insecurity and other sectors.

He said, “The Senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, African Development Bank (AFDB) and the World Bank Group (WBG) have indicated interest to assist the country in mitigating the economic shocks and recent reforms with a sum of $1 billion and $2 billion respectively in addition to the Federal Executive Council approved 2022-2024 external borrowing plan.

“Consequently, the required approval is in the sum of $7,864,508,559 and in terms of euro, €100 million euros.”

,,,,,,The President furthered that the foreign loan has become necessary in bridging the financial gap and return the economic activities of the country to normalcy, adding that the fund would be used to develop infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms.

“The project cuts across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others.

“The total facility of the projects and programmes under the borrowing plan is $7,864,508,559 dollars and then in Euro, 100 million euros respectively,” the President said.

,,,,,,He said the projects to be funded with the money were selected based on economic evaluation and socio economic development of the country, while noting that all the projects will be implemented across the 36 states including the Federal Capital Territory.

Tinubu said: “I would like to underscore the fact that the projects and programmes borrowing plans were selected based on positive technical economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, skills acquisitions, supporting the emergence of more entrepreneurs, poverty reduction and food security to improve the livelihood of an average Nigerian.

“The projects and programmes will be implemented in all the 36 states of the federation and the federal capital territory.

“In view of the present economic realities facing the country, it has become imperative that we resort to using the external borrowing…..to bridge the financing gap which will be applied to key infrastructure projects including power, railway, health among others

,,,,,“Given the nature of these facilities and the need to consolidate the country to normalcy, it has become exigent to request the Senate’s consideration and approval of the 2022-2024 external borrowing plans to enable the government deliver its responsibilities to Nigerians through expeditious disbursement and efficient project implementation.”