In a bid to address critical issues, President Bola Tinubu has written to the House of Representatives, requesting approval for a substantial supplementary budget of N2,176,791,286,033 for the year 2023. The supplementary budget is intended to address several urgent matters, including labor wage adjustments and national security.
Furthermore, President Tinubu has also forwarded the 2024-2026 Medium Term Expenditure Framework & Fiscal Strategy Paper to the House of Representatives, outlining the financial plan for the next three years.
This development comes on the heels of the Federal Executive Council’s (FEC) approval of the 2023 supplementary budget on Monday, which totals N2.1 trillion. The approval underscores the government’s commitment to addressing pressing concerns and fulfilling its financial obligations.
During a post-FEC meeting press briefing in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, explained the primary objectives of the supplementary budget. He noted that it is aimed at supporting vital initiatives, with a significant allocation of N605 billion dedicated to national defense and security.
Bagudu emphasized that these funds are crucial to sustaining the progress achieved in bolstering national security. The goal is to ensure the security agencies have the necessary resources to accelerate their efforts and maintain the security gains made thus far, particularly before the year’s end.
