Tinubu’s N2.17 trillion supplementary budget: The important figures

A N2.176 trillion 2023 supplemental budget plan, prioritized in some areas, was presented by President Bola Tinubu to the House of Representatives on Tuesday.

Tinubu wrote the following in a letter to the House that was read by Speaker Abbas Tajudeen: “You will recall that the National Assembly recently passed, and I signed, a Supplementary Appropriations Act 2023 for a total of NGN819,500,000,000.00 (Eight Hundred and Nineteen Billion Five Hundred Million Naira) which, among other things, made provision for a recent critical economic policy decisions of the Federal Government. “The increased cash transfer program, which is meant to assist the most vulnerable sections of our society, and the pay award for public employees are two examples of additional palliative measures that must now be provided for.

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The government’s goal of economic growth cannot be realized without crucial defense spending, which is also critically needed to maintain peace and guarantee the safety of people and property.

The construction of desperately needed infrastructure, especially roads, will also necessitate significant financial outlays that must be made between now and the end of the year during the “dry season. “Consequently, the National Assembly is hereby directed to consider another Supplementary Appropriations Bill for 2023, which will cover the above-mentioned expenditures totaling NGN2,176,791,256,033.00 (two trillion, one hundred and seventy-six billion, seven hundred and ninety-one million, two hundred and fifty six thousand and thirty three naira).

The following are significant figures from the president’s supplied document:

Security – N476.543 billion.

N300 billion is Works

Agro-Food Security – N200 billion.

N100 billion for housing

N100 billion is the FCT.

Pol Commands: N50 billion

Broad Votes – N615 billion

Supplementary capital of N210 billion

State House – N28 billion.

N49 billion is the DSS.

Office of the NSA: N29.7 billion

INEC: N18 billion (to be used for conducting the off-cycle governorship elections in the states of Imo, Kogi, and Bayelsa on November 11).

The House’s Committees on Appropriations are anticipated to provide comments prior to approval this week or early next week, and on Tuesday, the supplemental budget passed second reading in plenary session in an attempt to expedite its adoption.