BY Milcah Tanimu

The President of Nigeria, Bola Tinubu, has proposed a supplementary budget of ₦2,176,791,286,033 for the year 2023. This supplementary budget is intended to address various urgent issues, including labor wage adjustments, security concerns, and other critical matters. It has also been accompanied by the submission of the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for Senate consideration.

The Federal Executive Council (FEC) approved this supplementary budget with a total of ₦2.2 trillion. Among the key allocations in this budget, ₦18 billion is designated for the Independent National Electoral Commission (INEC) to support the organization of governorship elections in Bayelsa, Imo, and Kogi states, scheduled to take place in November.

Furthermore, the budget includes ₦210 billion to fulfill wage awards negotiated with labor unions. This agreement will result in a ₦35,000 monthly salary for approximately 1.5 million federal civil servants. Additional provisions in the supplementary budget encompass ₦5.5 billion for student loans, ₦1 billion for the establishment of new ministries, and ₦200 billion for capital supplementation to address pressing needs.

Given the current security challenges faced by Nigeria, a significant portion of the budget is allocated to the Ministry of Defense. This funding is intended to support the procurement of essential equipment and resources to enhance the capabilities of security and law enforcement agencies in responding to the country’s security challenges.

The proposal, though brought forward later than usual, aligns with standard practice where incoming governments introduce supplementary appropriation bills to adjust their budgets according to their policies and priorities. Members of the Senate, while discussing the budget, emphasized the importance of adequately funding security agencies to address the ongoing security concerns in the country. The Senate also praised President Bola Tinubu for addressing issues related to inflation, the workforce, students, and infrastructure through this supplementary bill.