In a significant legislative move, the National Assembly Reps Approve N2.176 Trillion Budget for the 2023 fiscal year, as presented by President Bola Tinubu. However, the proposed allocation for a presidential yacht was notably omitted from the approved budget.
The supplementary budget was necessitated by the need for additional palliative measures, including public servants’ wage awards and an enhanced Cash Transfer Programme to support the most vulnerable members of society. The budget comprises a capital component of N1.165 trillion and a recurrent component of N1.010 trillion.
A detailed breakdown of the budget revealed various allocations, including N13.5 billion for the renovation of residential quarters for President Bola Tinubu, Vice President Kassim Shettima, and other government officials. Additionally, funds were allocated for the purchase of SUV vehicles, replacement of operational pool vehicles, and digitalization efforts within the State House.
Reps Approve N2.176 Trillion Budget the budget also addressed various needs across the country, with allocations for police formations and commands, the Department of State Services, the Office of the National Security Adviser, and the Independent National Electoral Commission (INEC). The capital supplementation amounted to N210.5 billion, with significant allocations for the Ministry of Agriculture and Food Security, the Federal Capital Territory Administration, and the Ministry of Housing.
In light of the security situation in the country, the Ministry of Defence received increased funding, as did the Office of the National Security Adviser. However, the Service Wide Vote saw a reduction from N615 billion to N515 billion.
One notable change in the budget was the removal of the N5 billion proposed for a presidential yacht. This allocation, initially placed under the Nigerian Navy, had drawn criticism. Instead, the funds were redirected to the Students Loan Scheme, doubling the amount available for student loans from N5 billion to N10 billion.
The Chairman of the House Committee on Appropriation, Abubakar Bichi, explained the budgetary adjustments, emphasizing the importance of allocating additional funds to address the country’s security and housing challenges. He also clarified that the decision to reallocate the yacht funds was made to benefit students by enhancing access to educational facilities.
The approved supplementary budget of N2.176 trillion reflects the government’s efforts to provide essential services and address critical issues affecting the nation’s citizens.
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