President Bola Tinubu announced plans to submit a 2024 supplementary Appropriation Bill to the National Assembly, aimed at bolstering his administration’s efforts to provide effective governance and foster national prosperity. Speaking at a joint session of the Senate and House of Representatives in Abuja, Tinubu underscored the need for self-reliance, warning against dependence on foreign aid.
During the session marking the Silver Jubilee of Nigeria’s 4th Republic, Tinubu urged lawmakers to prioritize nation-building and highlighted the importance of collaborative efforts to secure a prosperous future for the country. He noted the supplementary budget would accelerate ongoing government initiatives, reflecting the administration’s commitment to progress and development.
Accompanied by Vice President Kashim Shettima, Secretary to the Government of the Federation George Akume, and other dignitaries, Tinubu stressed the collective responsibility of nation-building, emphasizing that no external aid could replace the contributions of dedicated Nigerians.
Tinubu signed the N28.7tn 2024 Appropriation Bill into law earlier this year, following extensive review by the National Assembly. The budget includes significant allocations for capital expenditure, recurrent expenses, debt service, and statutory transfers. However, economic fluctuations have necessitated adjustments to financial projections, prompting the need for a supplementary budget.
The International Monetary Fund (IMF) recommended the supplementary budget to accommodate proposed wage increases for workers, highlighting the potential inadequacy of the originally budgeted amounts. The IMF also noted that the country’s budget deficit might exceed projections due to subsidies and rising debt service costs.
Financial experts have supported the call for a supplementary budget, citing significant changes in economic variables since the original budget’s passage. The revised budget aims to address these challenges and ensure the efficient implementation of government policies to stabilize the economy and promote sustainable growth.
