President Bola Ahmed Tinubu, in a letter sent to the Senate President, Godswill Akpabio, has presented an N2.18 trillion supplementary budget to the National Assembly for approval. It was revealed that the budget was necessary for the wage ward for public servants, a cash program for vulnerable Nigerians, road infrastructure, and security. The letter read, “It has now become necessary to make further provision for additional palliative including the wage ward for public servants and the enhanced cash program for vulnerable members of our society. “In addition, defense has become critical to provide for peace and to secure the lives and properties without which the economic agenda of the administration cannot be achieved.”
The letter added, “Similarly, critical investments are also required to construct infrastructure particularly roads to commence within the dry seasons we are now in.”
The National Assembly recently assigned and passed an Appropriation Act 2023 of N819.5bn, which among other things, made provisions for a N500bn palliative package to cushion the effect of the recent economic policies of the Federal Government.
More so, ahead of his 2024 budget presentation, the president has sent the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) pegging the crude oil sells at $73.96 per barrel while the exchange rate is now put at N700/$1.
In a related development, President Tinubu also sent the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) ahead of the 2024 budget presentation, to the Senate for approval. In the MTEF and FSP documents submitted, the federal government proposed $73.96 for the price of crude per barrel and an exchange rate of N700. MTEF and FSP are documents containing the various indices, upon which the nation’s annual budget is predicated.
