President Bola Tinubu on Wednesday affixed his signature on the N2.176 trillion Supplementary Budget for 2023 which was passed by the National Assembly last week Thursday.
Federal government says the additional funding is to help address security and critical infrastructure.
The signing ceremony took place at the Council Chambers at Aso Villa – the seat of Nigeria’s government in the presence of Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas, Secretary to the Government of the Federation, George Akume among others.
The supplementary budget proposal presented to the parliament last week was passed with very minor adjustments such as moving N5 billion allocated for the procurement of a yacht for the president to the student loan.
A breakdown of the supplementary budget by Budget and Economic Planning Minister, Abubakar Bagudu, shows defense and security received about 30%, and critical infrastructure 35% of the budget.
It also shows 32% allocated to the new Wage Award for treasury-paid federal workers intended to cushion the effect of the removal of fuel subsidy, in addition to cash transfers to vulnerable persons.
Nigeria’s 10th National Assembly under Godswill Akpabio has gained some notoriety as a pliable parliament to President Tinubu.
Last week, it approved a $7.8 billion and another €100 million borrowing plan of the president. Previously in August it approved the president’s request for over $800 million loan to finance the National Social Safety Network Programme.
According to the Debt Management Office (DMO), Nigeria’s debt burden has risen to
N87.38 trillion at the end of the second quarter of this year comprising total external debt of N33.25 trillion and a total internal debt of N54.13 trillion.
Economist and ex-central bank boss, Kingsely Moghalu says there is no doubt the country had worked itself into a “debt trap”.
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