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Tinubu Signs N2.17tn 2023 Supplementary Budget into Law

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President Bola Tinubu on Wednesday signed the 2023 Supplementary Budget N2.17trillion into law.
The Senate and the House of Representatives, last Thursday, passed the N2.17trillion 2023 Supplementary Appropriation Bill after it scaled the third reading.
The passage followed the adoption of the report of the harmonised sittings of both chambers on the bill as submitted by the Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola (APC Ogun West).
President Bola Tinubu had written the National Assembly seeking the approval of the sum of N2,176,791,286,033 as 2023 supplementary budget to address labour wage adjustments, security and more.

The Key components of the budget include N210billion for Wage Award for Civil Servants, N605 billion for National Security and Defence, N300 billion for maintenance of bridges, especially the Eko bridge, and N400 billion for cash transfer to vulnerable households, N200 billion for seed and agricultural inputs and equipment and N18 billion for Independent National Electoral Commission to conduct off-season elections.

The 2023 Supplementary Appropriation Bill,

expeditiously scaled readings in both upper and lower chambers as lawmakers said it was for the benefit of the country.
The bill scaled the second reading in the House of Representatives on Tuesday.

The 2023 supplementary budget of N2.1 trillion was approved by the Federal Executive Council (FEC) on Monday.

The Minister of Budget and Economic Planning, Atiku Bagudu, said at the FEC meeting that the budget was for the funding of urgent issues.

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

The Senate passed N819bn making provision for a N500bn palliative package.

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