Senate Approval for Supplementary Budget
The Nigerian Senate has granted approval to President Bola Tinubu’s request to amend the 2022 Supplementary Act, totaling N819 billion. The red chamber has also authorized the removal of N500 billion from the N819 billion to provide palliatives for vulnerable Nigerians in response to the recent fuel subsidy removal. The proposed legislation aims to extract funds from the Supplementary Appropriation Act to cushion the effects of subsidy removal.
Borrowing Request for National Social Safety Net Programme
President Tinubu, in a separate communication to the Senate, requested the approval of an $800 million borrowing request. The loan will be used to scale up the National Social Safety Net Programme and will be sourced from the World Bank. The program aims to expand shock-responsive safety net support to 12 million poor and low-income households, benefiting approximately 60 million individuals. The digital transfers will directly go to beneficiaries’ accounts and mobile wallets, stimulating economic activities and improving nutrition, health, education, and human capital development.
Breakdown of Supplementary Budget Allocations
During a closed session, Senate President Godswill Akpabio provided a breakdown of the approved supplementary budget. N500 billion has been allocated for palliatives and other capital expenditures to mitigate the impact of the fuel subsidy removal. Additionally, N185,236,937,815 has been allocated to the Ministry of Works and Housing to address the effects of severe flooding on road infrastructure across the six geopolitical zones. N19.2 billion has been approved for the Federal Ministry of Agriculture to address the significant damage to farmlands caused by last year’s flooding. Other allocations include N35 billion for the National Judicial Council, N10 billion for critical projects in the Federal Capital Territory Administration, and N70 billion to support the working conditions of new members of the National Assembly.
