Service Wide Votes has taken the largest chunk of the N2.18 trillion supplementary budget, with the highest allocation of N615 billion.
This is followed by the ministry of Defence, with 476.54 billion while the Ministry of Works comes next with N300 billion.
Service wide vote, also known as Consolidated Revenue Fund Charge, is the country’s contingency fund in the annual budget – the sum of money kept for unforeseen expenditure.
According to the Supplementary Appropriation Bill (2023) sent to the House of Representatives by President Bola Tinubu, capital supplementation is allocated N210.5 billion, ministry of Agriculture and food security got N200 billion; Federal Capital Territory Administration (FCTA) and ministry of Housing are appropriated N100 billion respectively.
Also in the supplementary budget, Police formations and commands have N50 billion, Department of State Services is allocated N49 billion, Office of the National Security Adviser (NSA) got N29 billion, while the Independent National Electoral Commission (INEC) is given N18 billion.
FEC Approves N2.1trn Supplementary Budget
Meanwhile, the House yesterday passed second reading of the supplementary appropriation bill (budget) of N2.18 trillion for the 2023 fiscal year.
Of the total of N2.18 trillion, N18 billion is for statutory transfers, N992.802 billion is for Recurrent (non-debt) expenditure, while the sum of N1.165 trillion is for contribution to the development fund for Capital Expenditure.
The passage followed the debate on the general principle of bill (budget) at plenary shortly after receiving a communication from the President Bola Tinubu.
Tinubu, in a letter read on the floor of the House by Speaker Abbas Tajudeen, requested for the speedy passage of the supplementary budget to enable the federal government finance additional palliative measures, including the wage award for public servants and the enhanced cash transfer Programme.
He also said critical defence expenditures are also urgently required to provide for peace and the security of lives and property, without which the government’s economic growth agenda cannot be achieved.
Consequently, the executive bill was slated for second reading in a supplementary order paper and after the debate and passage, it was referred to the Committee on Appropriations for further legislative action.
The proposed legislation reads: “Bill for an Act to authorise the Issue from the Consolidated Revenue Fund of the Federation the total sum of N2,176,791,286,033, of which N18 billion is for Statutory Transfers, N992,802,015,985 is for Recurrent (non-debt) expenditure.
“While the sum of N1,165,989,270,049 is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 December 2023.”
Meanwhile, Tinubu, in another letter read by Speaker Abbas, requested the House to consider and approve the Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF/FSP), 2024-2026.
He called for the expeditious consideration and approval of the MTEF/FSP by the House to bring the 2024 federal government budget preparation process to timely closure.
The letter reads: “Pursuant to provisions of the Fiscal Responsibility Act, 2007, preparations toward submission of the 2024 Budget to the National Assembly are progressing well. The MTEF and FSP were prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war which continues unabated with severe implications on global food and energy prices.
“We are also faced with challenges in domestic revenue mobilization and significantly elevated public debt. Additionally, many economies around the world have witnessed increased inflation, with particularly adverse impact on capital flows to emerging markets. I hereby forward the 2024-2026 MTEF and FSP to the National Assembly,” the letter read in parts.”
