President Bola Tinubu on Tuesday, October 31, submitted a supplementary appropriation bill of N2.176 trillion to the National Assembly to boost critical infrastructure and caution thr suffering of the Nigerian people through enhanced palliatives.
The supplementary budget which was read for the first time on Tuesday has already passed second reading in both the Senate and the House of Representatives.
The president also submitted the 2024-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MEET/FSP) to the parliament in preparation for the 2024 budget presentation.
Speaker of the House of Representatives, Hon. Abbas Tajudeen read the two letters from the president at plenary on Tuesday, while Senate president, Godswill Akpabio read the letters at the Senate plenary.
The Nation report that the 2023 supplementary budget of N2.1 trillion was considered and approved by the Federal Executive Council (FEC) at its meeting on Monday.
The letter for supplementary appropriation reads: “You will recall that the National Assembly recently passed, and I signed, a Supplementary Appropriation Act 2023 for a total of NGN819,500,000,000.00 (Eight Hundred and Nineteen Billion Five Hundred Million Naira) which, among other things, made provision for a recent critical economic policy decisions of the Federal Government.
“It has, however, become necessary to make further provision for additional palliative measures, including the Wage Award for public servants and the enhanced Cash Transfer Program which is intended to benefit the most vulnerable members of our 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.
“Similarly, critical investments are also required to construct much needed infrastructure, particularly roads, which projects must be commenced within the (dry season) period between now and the end of the year.
“Accordingly, another Supplementary Appropriation Bill for 2023 to cater for the expenditures identified above, totalling NGN2,176,791,256,033.00 (Two Trillion One Hundred and Seventy Six BillionSeven Hundred and Ninety One Million Two Hundred and Fifty Six Thousand and Thirty Three Naira) is hereby forwarded for the consideration of the National Assembly.
“Whilst hoping that this request shall receive the usual expeditious consideration of the House of Representatives,please accept,Rt. Honourable Speaker, the assurances of my highest consideration”.
In the MEET/FSP letter, the president’s said: “I am pleased to submit the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.
“Let me use this medium to express my gratitude to the House of Representatives for its enduring commitment to the partnership between the Legislative and Executive arms of government.
“Pursuant to provisions of the Fiscal Responsibility Act, 2007, preparations toward submission of the 2024 Budget to the National Assembly is progressing well. The MTEF and FSP were 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.
“I hereby forward the 2024-2026 MTEF and FSP to the National Assembly, for the kind expeditious consideration and approval of the House of Representatives in order to bring the 2024 FGN Budget preparation process to timely closure”.
Both Senate committees on Appropriation and Finance as well as their counterparts in the House are expected to consider the two letters from the President.
The MTEF document usually set the template for the annual budget presentation as it contains parameters on which the annual estimates are prepared.
From The Nation.