President Bola Tinubu will submit a supplementary budget of N6.6 trillion to the Senate for approval upon the legislature’s resumption in July.
Senate spokesperson Yemi Adaramodu confirmed that the budget, currently being finalized by the executive, would be presented after the Sallah recess.
Advertorial
Adaramodu stated, “The budget will be sent anytime we resume after the Sallah recess. I believe the bill and other important executive communications will be sent to the National Assembly when we resume in July.”
The supplementary budget aims to fund several key projects, including part of the coastal road.
During a briefing with the Joint Senate and House of Representatives Committee on National Planning and Economic Affairs, Minister of Budget and Economic Planning, Senator Atiku Bagudu, indicated that the budget was still being prepared but would address significant infrastructural needs.
Advertise With Us
Bagudu explained that the supplementary budget arose from President Tinubu’s memo to the Federal Executive Council, where he highlighted the importance of the Presidential Infrastructure Development Fund, housed within the National Sovereign Wealth Investment Authority.
The President identified transformational projects such as the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagry Road, and the completion of ongoing railway projects as key areas of focus.
Additionally, the supplementary budget will fund the rehabilitation and expansion of dams and irrigation schemes to boost agricultural production and support the use of CNG and LNG.
Bagudu noted, “The three roads, dams and irrigation, and railways are what Mr. President designated as infrastructure, renewed health infrastructure priority items.”
The minister also mentioned that the draft of the supplementary appropriation bill had not yet been submitted to the Federal Executive Council.
Advertorial
He added that various stakeholders, including members of the National Assembly, had shown interest in the budget and its alignment with the administration’s renewed hope agenda.
In his May 29 address to the joint sitting of the Senate and House of Representatives, President Tinubu had indicated his intention to present the supplementary budget for the 2024 fiscal year, emphasizing its importance for national development.
