President Tinubu signs N2.17trn 2023 supplementary budget into law 

President Bola Tinubu has officially endorsed the N2.17 trillion 2023 supplementary budget, giving it the force of law.

The budget proposal had received swift approval from both the House of Representatives and the Senate last week.

With the endorsement from the National Assembly, the proposal has now transformed into law, facilitating the distribution of allocated funds to each level of government as outlined in the budget.

The breakdown of the supplementary budget for 2023 reveals that N1.010.802,015,985 is designated for recurrent expenditure, while N1.165,989,270,049 is allocated for capital expenditure.

It will be recalled that Last Thursday, the Senate and the House of Representatives passed the N2.17trn 2023 supplementary appropriation bill after a third reading.

Before the passage of the bill, the Senate adopted the report of the harmonised sittings of both red and green chambers on the 2023 Supplementary Appropriation Bill as submitted by the Chairman of the Appropriations Committee, Senator Solomon Olamilekan Adeola (APC, Ogun West).

The bill expeditiously scaled readings in both upper and lower chambers as lawmakers said it was for the benefit of the country.

Tinubu had written the National Assembly seeking the approval of the sum of N2,176,791,286,033 as the 2023 supplementary budget to address labour wage adjustments, security, and more.

The President had also sent the 2024-2026 Medium Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to both chambers of the National Assembly,

Recently, the Senate passed N819bn making provision for a N500bn palliative package.

Tinubu had said the supplementary bill was necessary for additional palliative measures including wage awards. The Federal Executive Council (FEC) chaired by the President on Monday approved the 2023 supplementary budget of N2.1 trillion.

the authorAV1 NEWS

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