Thu. May 23rd, 2024

President Tinubu Writes Senate, Seeks Speedy Consideration Of ₦2 Trillion Supplementary Budget

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President Bola Tinubu has asked the senate to “speedily” consider and approve a supplementary budget of ₦2.17 trillion.

Tinubu’s request was read on the floor of the upper legislative chamber by Senate President Godswill Akpabio on Tuesday.

The federal executive council (FEC) approved the aforementioned sum on Monday.

Upon approval by the national assembly, the 2023 budget which is the last appropriation bill of the administration of President Muhammadu Buhari, will rise to ₦28.17 trillion.

In his letter, the president said the supplementary budget would support the provisional wage of ₦35,000 to workers, costing the federal government ₦210 billion and N400 billion as cash transfers to vulnerable Nigerians.

Tinubu said the supplementary budget would also shore up the country’s security and agricultural sectors.

The forthcoming elections in Kogi, Bayelsa, and Imo would draw funds from the supplementary budget.

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Meanwhile, the president has sent the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) ahead of the 2024 budget presentation, to the senate for approval.

The MTEF and FSP are documents on which a budget is premised.

In the document, the federal government fixed $73.96 for the price of crude per barrel and an exchange rate of ₦700.

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