By Oluwayanmife Ayobami
President Bola Tinubu has signed into law a supplementary appropriation bill of over N2 trillion for the 2023 fiscal year.
The signing ceremony took place in the President’s office at the State House with key officials like the Secretary to the Government, Senate President, Speaker of the House and Minister of Budget and National Planning in attendance.
This supplementary budget had become somewhat controversial in recent days due to certain line items, particularly the N5 billion allocated for a “Presidential Yatch.”
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The budget has been clarified
However, the Minister of Budget and National Planning clarified that the bulk of the funds, around N605 billion, would go towards enhancing security capacity as the country continues to face various challenges in that area.
Additional allocations include N5.5 billion for student loans to support education and over N616 billion in wage increases for civil servants given rising inflation.
While supplementary budgets are a standard tool to adjust for changing needs during the fiscal period, it will be important to get more transparency on expenditures like the “Presidential Yatch” to assess priority of spending.
Overall monitoring implementation and ensuring funds go towards the citizens’ welfare will be key, as supplementary appropriations can provide flexibility but also require oversight.
READ ALSO: Breaking: Buhari Signs an Increased 2023 Budget of N21.83 Trillion
BREAKING: President Buhari signs 2023 budget
In another news, President Muhamadu Buhari has signed the 2023 appropriation bill into law.
The budget, totalling N21.83 trillion, was signed on Tuesday, January 3, by the president at the Council Chambers of the State House in Abuja.
This is the last appropriation bill Buhari would sign into law as the leader and president of the Federal Republic of Nigeria.
