Nigeria’s President, Bola Ahmed Tinubu, has officially endorsed the supplementary budget for 2023, extending its implementation until March 31, 2024. The Speaker of the House of Representatives, Tajudeen Abbas, announced this development on Monday at the Presidential Villa, providing insights into the signed bills and the 2024 Appropriation Act.
Abbas clarified, “The President signed two other bills. The first one is the supplementary appropriation bill of 2023, which he has agreed to extend by 90 days. So, it will continue to work concurrently with the 2024 budget up to March 31. He has also approved the 2023 main budget to concurrently operate with the capital component of the 2024 budget up to March 31, 2024.”
In addition to the supplementary budget extension, the President granted approval for the securitization of the ways and means, effectively bringing an end to these controversial means of borrowing money. Abbas highlighted this as a significant achievement, reassuring Nigerians that such incidents would not be repeated.
Addressing State House correspondents earlier, the President of the Senate, Godswill Akpabio, emphasised the legislative commitment to closely collaborate with the executive in monitoring the budget’s implementation, aligning with the President’s directive.
Akpabio stated, “So we have already enjoined all our committees to get to work. And that means the President has also pointed out that it’s good to have a monthly report from the ministers or the MDAs, and any head of any agency or minister found wanting to have to find his way out of his administration, with that instruction and order.
He continued, “With that directive from the President, ours is to monitor what goes on to ensure that, indeed, it is one thing to do a budget; it is another thing for the budget to be fully implemented.”
He defended the adjustment of President Tinubu’s proposed budget from N27trillion to N28trillion, citing “very verifiable justifications” for the modification made in November.
