NASS Passes N2.17 Trillion 2023 Supplementary Budget

The Nigerian National Assembly has approved the 2023 Supplementary Appropriation Bill with a total sum of N2.17 trillion after its third reading. This decision was reached by both the Senate and the House of Representatives, reflecting a unified stance on addressing the nation’s financial needs.

Before the bill’s passage, the Senate endorsed the report from the harmonized sessions of both the Senate and the House of Representatives concerning the 2023 Supplementary Appropriation Bill. The report was presented by Senator Solomon Olamilekan Adeola, Chairman of the Appropriations Committee, representing the APC Ogun West.

The bill swiftly advanced through the legislative process in both chambers, with lawmakers emphasizing its importance for the betterment of the country.

The motivation for this supplementary budget stemmed from a request made by President Bola Tinubu to the National Assembly, seeking approval for a total of N2,176,791,286,033. This budget is designated to address various pressing issues, including labor wage adjustments and bolstering security measures.

Furthermore, President Tinubu also submitted the 2024-2026 Medium Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to both houses of the National Assembly, outlining the government’s financial plans and strategies for the coming years.

Notably, the Senate had recently passed a separate bill worth N819 billion, which included provisions for a N500 billion palliative package. President Tinubu justified the necessity of this supplementary bill by highlighting the need for additional palliative measures, including wage awards.

The Federal Executive Council, presided over by President Tinubu, gave its approval to the 2023 supplementary budget of N2.1 trillion on Monday. Subsequently, lawmakers began debating the urgency of expediting the bill’s passage, emphasizing the critical areas requiring attention, such as infrastructure, addressing security concerns, fulfilling labor demands (including a N210 billion wage award payment), and providing N5.5 billion for student loans.