President Bola Tinubu has called for German investment in critical sectors of Nigerian economy such as power and rail transportation.
Bola Ahmed Tinubu

Senate Approves 2023 N2.17trn Supplementary Appropriation Bill

The Senate has passed the 2023 Supplementary Appropriation Bill of N2.17 trillion. President Bola Tinubu had written the Senate seeking the approval of the sum of N2,176,791,286,033 as a 2023 supplementary budget to address labour wage adjustments, security and other urgent issues.

The President also sent the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration.

The passage of the bill followed the presentation, consideration and approval of the report of the Senate Committee on Appropriation at plenary on Thursday by the Chairman of the Committee, Sen.Solomon Adeola (APC-Ogun).

Adeola, in his presentation, said the committee received inputs from the leadership of the relevant sub-committee and heads of MDAs provided for in the supplementary bill.

He said the committee considered the detailed provisions of the bill and inputs received from the heads of the benefiting MDAs and the leadership of the corresponding sub-committee in the Senate.

Adeola gave a breakdown of the approval as follows: N18billion is for statutory transfers only, N1.33trilion for recurrent non-debt expenditure, while N1.125trillion only is for contribution to a development fund for capital expenditures for the year ending December 31, 2023.

A breakdown of sectorial allocations and MDAs is as follows:

INEC, 18Billion; Defense, N346.1billion;

police formations and commands, N29.6 billion;

Office of the National Security Adviser N39.6 billion.

Others are the Federal Ministry of Agriculture and Food Security, N103 billion; Service vote, N515 billion;

State House N28 billion; Ministry of defense, N200 billion; police formations and commands, N20.3 billion

Others are the Office of the National Security Adviser, N10.3 billion; the Federal Ministry of Agriculture and Food Security N97 billion; the Federal Ministry of Works, N300 billion; Federal Capital Territory Administration, N100 billion; Capital Supplementation N220.5 billion.

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