President Tinubu to send supplementary budget July

President Tinubu to send supplementary budget July

The Senate has stated that upon resumption, President Bola Tinubu will forward the 2024 Supplementary budget to the lawmakers for approval.

According to Senate spokesperson Yemi Adaramodu, the N6.6 trillion supplemental budget will be forwarded to the

National Assembly upon its reconvening on July 2, even though it is currently being calculated by the executive branch.

“The budget would be sent after we get back after the Sallah break”. I anticipate that when we reconvene in July,

the bill and further significant executive correspondence will be forwarded to the National Assembly.

“The budget size is N6.6tn,” in response to a question regarding the amount, taking into account the minister’s statement that the coastline road will be partially funded by the supplemental budget.

President Bola Tinubu announced that the government would shortly present the supplemental budget for the 2024

fiscal year during his speech on May 29 to the joint session of the Senate and House of Representatives at the National Assembly complex.

Additionally, Senator Atiku Bagudu, the Minister of Budget and Economic Planning, disclosed last week that the supplemental budget

was still being prepared during a joint briefing of the Joint Senate and House of Representatives Committee on

National Planning and Economic Affairs regarding the proposed Supplementary Appropriations Bill.

He said that the additional funding will go toward the four revolutionary projects that had been selected.

“The President presented a memo to the Federal Executive Council in which he stated that he inherited the Presidential Infrastructure Development Fund,

which was housed in the National Sovereign Wealth Investment Authority,” he said. This led to the announcement—or rather, the mention—of the supplemental budget.

Additionally, he has pointed out transformative initiatives that we have not matched financially, such as the completion of all ongoing railway

projects and the Lagos-Calabar Coastal Road and the projected Sokoto-Badagri Road.

In order to encourage higher economic output, the Federal Government also intended to finance the extension and repair of dams and irrigation projects.

He also mentioned that additional funds will be allocated to the support of LNG and CNG.

“We have not yet finalized the bill’s work or sent the Federal Executive Council the draft of the supplemental appropriations”, the minister added.