N/Assembly passes N2.176trn 2023 supplementary budget for second reading

The National Assembly yesterday passed the N2.176 trillion 2023 supplementary budget for second reading following a debate on the proposal in both the Senate and House of Representatives. 

President Tinubu had, in a letter read in both chambers, asked the federal lawmakers to approve the proposal, the second of such this year after N819.5 billion was approved to provide palliatives for poor Nigerians. 

Tinubu also presented the 2024-2026 Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF/FSP) to the parliament for consideration and approval.

The president, in his letter, said 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. 

“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.” 

On the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), the president said the document was prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war which continues unabated with severe implications on global food and energy prices. 

“We are also faced with challenges in domestic revenue mobilization and significantly elevated public debt. Additionally, many economies around the world have witnessed increased inflation, with particularly adverse impact on capital flows to emerging markets.”

He asked the lawmakers to expeditiously consider and approve the fiscal document to bring the 2024 FGN Budget preparation process to timely closure. 

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.

The supplementary budget proposal and the MTEF/FSP, were referred to committees for further legislative works.