Senate gives green light to N2.17trn 2023 supplementary budget

Business a.m

The Nigerian Senate has approved  the N2.17 trillion 2023 Supplementary Appropriation Bill after a third reading. The bill, which was presented by the Senate President Ahmad Lawan, was read for the third time on the floor of the Senate and subsequently approved by members of the chamber  on Thursday, November 2, 2023.

The Senate’s approval of the 2023 Supplementary Appropriations Bill followed the acceptance of a report from a joint session of the Senate and House of Representatives, which was presented by Solomon Olamilekan Adeola, the chair of the Appropriations Committee, representing Ogun West.

The report, which was based on a detailed examination of the bill, recommended its adoption by the Senate. After careful consideration, the Senate unanimously adopted the report and approved the bill for a third reading.

In a letter sent to the Senate on Tuesday, President Bola Tinubu urged the upper chamber to give expeditious consideration to the 2023 Supplementary Appropriations Bill in order to enable the government to take action on pressing national issues.

President Tinubu noted the importance of the bill and its potential impact on various areas of the country’s development. The President further expressed confidence that the Senate would act quickly and responsibly in its consideration of the bill.

The summary of the budget includes N18 billion for statutory transfer, N992.8 billion for recurrent expenditure, and N1.16 trillion for capital expenditure for development funds.