Tinubu Signs the 2023 Supplementary Budget Bill into Law

President Tinubu has signed the 2023 supplementary budget bill into law.

He signed the bill at a brief ceremony held at the Presidential Villa, Abuja.

In attendance were the Senate President, Godswill Akpabio, and the speaker of House of Representatives, Tajudeen Abbas.

Others at the event were secretary to the government of the federation, Senator George Akume; Budget and Economic Planning Minister, Atiku Bagudu; And Chairman of Federal Inland Revenue Service Zach Adedeji.

The supplementary budget became a subject of controversy days ago due to several line items, especially N5 billion allocation for a “Presidential Yatch.”

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However, addressing State House correspondents on October 16, 2023, Bagudu said the largest chunk of N605bn was earmarked for security, to further enhance the capacity of the armed forces and security agencies to address current and emerging security challenges nationwide.

Other items include N5.5bn for the student loan scheme and over N616bn in wage awards for civil servants to augment the heightened cost of living post-subsidy.

The minister said N100bn had also been provided for the Federal Capital Territory (FCT) in order to support urgent and immediate capital expenditure works that could enhance the infrastructure in the city.

Bagudu said N18 billion was equally provided for the Independent National Electoral Commission (INEC) to support the conduct the coming elections in Bayelsa, Kogi and Imo states.

He said the sum of N5.5 billion was provided for the funding of the takeover of the student loans board as well as N8 billion for the take-off grant of new ministries.

The minister added that the sum of N200bn was provided as capital supplementation to deal with urgent requests that had been made to Mr. President from various parts of the country.