Nigeria’s President, Bola Tinubu, has announced his intention to transmit the 2024 Supplementary Appropriation Bill to the National Assembly.
The President emphasized that this move is essential to ensure the continuous delivery of good governance to the Nigerian people.
The proposed budget aims to foster prosperity, development, and progress, with the goal of accelerating the positive strides of the government.
During a joint session of the Senate and the House of Representatives in Abuja, held to commemorate the Silver Jubilee of Nigeria’s 4th Republic, President Tinubu urged lawmakers to remain dedicated to serving their country.
He emphasized that the task of nation-building is a collective responsibility, involving the participation of all citizens. As representatives of the people, the lawmakers carry the weight of significant responsibility.
President Tinubu expressed his commitment to fulfilling his mandate and commended the National Assembly for swiftly passing the 2024 budget proposal. He assured them that the 2024 Supplementary Appropriation Bill would be presented soon.
Recognizing that building a prosperous and developed nation is a step in the right direction, he underlined the importance of charting a new path through development programs.
Furthermore, President Tinubu encouraged lawmakers to introspect and contribute to nation-building. He emphasized that Nigeria cannot solely rely on foreign aid to create a country its citizens can be proud of.
He called for collaboration and unity in the pursuit of building a better future for Nigeria, emphasizing that no amount of foreign aid or external assistance could replace the collective efforts of Nigerians themselves.
Earlier this year, on January 1, 2024, President Tinubu signed the N28.7 trillion 2024 Appropriation Bill into law. The budget underwent thorough scrutiny by the National Assembly and rigorous defense by Ministries, Departments, and Agencies.
The budget size saw an increase of N1.2 trillion from the initial proposal, taking into account fluctuations in the naira’s value, revenue instability, and improved oil prices.
The government’s decision to propose a supplementary budget aligns with recommendations from the International Monetary Fund, as it allows for accommodating the proposed increase in the minimum wage for workers.
Due to the negotiated amount potentially exceeding the budgeted amount in the original 2024 budget, passing a supplementary budget becomes necessary.
President Tinubu emphasized that diligent implementation of the budget will be pursued and closely monitored, holding all institutional mechanisms accountable.
