President Bola Ahmed Tinubu has requested the National Assembly to approve the sum of N2.17 trillion as supplementary budget, with civil servants and the video in Nigeria to get about N610 billion out of it.
Also, 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.
Tinubu’s request was contained in a letter sent to the President of the Senate, Godswill Akpabio which was read on the floor of the Chamber during plenary session.
The country’s Federal Executive Council (FEC) had approved the supplementary appropriation on Monday, when it met in Abuja.
When approved by the National Assembly, the 2023 budget, which was the last appropriation bill of the administration of President Muhammadu Buhari, will now rise to N28.17 trillion.
In his letter, Tinubu explained that the supplementary budget would support the provisional wage of N35,000 to workers, costing the federal government N210 billion and N400 billion as cash transfers to vulnerable Nigerians.
Tinubu also pointed out that the supplementary budget would shore up the country’s security and agricultural sectors.
Moreover, the President explained further that funds with which to prosecute the forthcoming elections in Kogi, Bayelsa, and Imo would be taken from the supplementary budget.
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.
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