Following its return from recess on July 2, the Nigerian Senate has stated that it will receive President Bola Ahmed Tinubu’s 2024 Supplementary budget for approval.
The N6.6 trillion supplemental budget is now being calculated by the executive branch and will be presented to the National Assembly for approval.
After the Sallah break, the budget will be sent to the lawmakers, according to Senate spokesperson Yemi Adaramodu. When the National Assembly reconvenes in July, it is anticipated that the budget would be given high priority.
The PUNCH received confirmation from Adaramodu that the N6.6 trillion budget will be utilized to finance the President’s four transformational initiatives.
Prior to this, Senator Atiku Bagudu, the Minister of Budget and Economic Planning, had disclosed that major infrastructure projects would be funded by the supplemental budget, which was still being prepared. These projects include the completion of ongoing railway projects as well as the Lagos-Calabar Coastal Road and the Sokoto-Badagri Road. The budget will also support Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG), as well as the expansion and maintenance of irrigation projects and dams.
The minister went on to say, “Mr. President designated the three roads, dams and irrigation, and railways as the infrastructure, renewed health infrastructure priority items.”
Thus, he gave the ministry instructions to draft a supplemental appropriations bill for that purpose.
The measure is still unfinished, and the Federal Executive Council has not yet received the text of the supplemental appropriations.
“So many people have asked about the renewed hope the supplemental appropriation,” said the ministry and the National Assembly’s leadership, in addition to many members.
The supplemental budget was previously brought up by President Bola Tinubu during his remarks to the joint session of the Senate and House of Representatives at the National Assembly complex on May 29.
He had made hints that the administration will shortly unveil the 2024 fiscal year’s supplemental budget.