The National Assembly has taken a significant step by passing the ₦2.176 trillion 2023 supplementary budget for a second reading.
The proposal was subject to debate in both the Senate and the House of Representatives. This supplementary budget request, the second of its kind this year, follows the previous approval of ₦819.5 billion aimed at providing support for underprivileged Nigerians.
President Tinubu, in a letter read in both chambers, urged the federal lawmakers to endorse the proposal. This budget request, according to the President, is necessary to make additional provisions for various palliative measures, including public servant wage awards and an enhanced Cash Transfer Programme aimed at assisting the most vulnerable members of society.
Additionally, vital defense expenditures are urgently required to ensure peace and security, without which the government’s economic growth agenda cannot be realized.
In parallel, President Tinubu has also presented the 2024-2026 Medium-Term Expenditure Framework & Fiscal Strategy Paper (MTEF/FSP) to the National Assembly for consideration and approval.
The President noted that the MTEF and FSP were formulated in light of ongoing political transitions and global factors, including the ongoing Russia-Ukraine conflict, which has had significant implications on global food and energy prices.
These documents will provide a strategic framework for Nigeria’s fiscal planning and economic stability in the coming years.
