Tinubu Urges Swift Senate Approval for N2.17 Trillion supplementary Budget

Bola Tinubu has officially urged the Senate to promptly review and sanction a supplementary budget amounting to N2.17 trillion.

This request, conveyed by Senate President Godswill Akpabio, stems from the recent approval of this sum by the Federal Executive Council on Monday.

Upon the National Assembly’s approval, the 2023 budget, serving as the final appropriation bill during President Muhammadu Buhari’s administration, will escalate to N28.17 trillion.

Tinubu’s proposal highlights its aim to support a provisional wage of N35,000 for workers, amounting to N210 billion, along with N400 billion dedicated to cash transfers for vulnerable Nigerians.

Moreover, the supplementary budget is intended to fortify the nation’s security and agricultural sectors, while also catering to financial requirements for the forthcoming elections in Kogi, Bayelsa, and Imo.

Simultaneously, President Buhari has forwarded the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) for the Senate’s approval, essential documents that form the basis of the upcoming 2024 budget presentation.

The documents outline a crude price of $73.96 per barrel and an exchange rate of N700 as set by the federal government.