The Nigerian Senate has announced that it will receive the 2024 Supplementary budget from President Bola Ahmed Tinubu for approval after its resumption from recess on July 2.
The supplementary budget, worth N6.6 trillion, is still being computed by the executive and will be sent to the National Assembly for consideration.
According to The PUNCH, the Senate spokesperson, Yemi Adaramodu, the budget will be sent to the legislators after the Sallah recess, and it is expected to be a top priority for the National Assembly when it resumes in July.
The budget size is N6.6 trillion, which will be used to fund four transformational projects identified by the President.
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.”
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, had earlier revealed that the supplementary budget was still being prepared and would be spent on key infrastructure projects.
These projects include the Lagos-Calabar Coastal Road, Sokoto-Badagri Road, and the completion of ongoing railway projects.
Additionally, the budget will fund the rehabilitation and expansion of dams and irrigation schemes, as well as support for Compressed Natural Gas and Liquefied Natural Gas.
This development follows President Tinubu’s announcement during his May 29 speech to the joint sitting of the Senate and House of Representatives at the National Assembly complex, where he hinted that the government would soon present the supplementary budget for the 2024 fiscal year.
