The Senate has said President Bola Tinubu will send the 2024 Supplementary budget to the legislators for approval after resumption.
The Senate spokesperson, Yemi Adaramodu, informed NewsNow that the N6.6tn supplementary budget, although still being computed by the executive, would be sent to the National Assembly after its July 2 resumption.
He said, “The budget would be sent any time we resume after the Sallah recess. I believe the bill and other important executive communication will be sent to the National Assembly when we resume in July.”
When asked about the budget size, considering that the minister said that the supplementary budget would fund part of the coastal road, he stated, “The budget size is N6.6tn.”
During his May 29 speech to the joint sitting of the Senate and House of Representatives at the National Assembly complex, President Bola Tinubu said the government would soon present the supplementary budget for the 2024 fiscal year.
He said, “I will soon bring the 2024 Supplementary Appropriation Bill; that is just for your information.”
Also, last week, Minister of Budget and Economic Planning, Senator Atiku Bagudu, at a joint briefing of the Joint Senate and House of Representatives Committee on National Planning and Economic Affairs over the proposed Supplementary Appropriation Bill, revealed that the supplementary budget was still being prepared.
He noted that the supplementary budget would be spent on four identified transformational projects.
He said, “The supplementary budget that was announced, or rather was mentioned, came about when Mr President presented a memo to the Federal Executive Council.
“In the memo, he said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.
“He has also identified transformational projects, including Lagos-Calabar, Coastal Road; proposed Sokoto-Badagri Road; completion of all ongoing railway projects, which we have not provided counterpart funding.”
He added that the Federal Government also planned to fund the rehabilitation and expansion of dams and irrigation schemes to support increased production within the economy, noting that more money would be spent to support CNG and LNG.
The minister further noted, “The three roads, dams and irrigation, and railways is what Mr President designated as the infrastructure, renewed health infrastructure priority items.
“So, that is what he directed that the ministry prepare supplementary appropriation Bill.
“We have not finished work on the bill, we have not submitted the supplementary appropriation draft to the Federal Executive Council yet.
“So many people have approached the ministry and indeed leadership of the National Assembly, as well as many members, asking about the renewed hope the supplementary appropriation.”