President Bola Tinubu is set to present a sum of N6.6 trillion supplementary budget to the National Assembly for approval upon its return on 2nd July 2024.
The Senate Spokesperson, Yemi Adaramodu, disclosed this, stating that the executive was still computing the N6.6 trillion supplementary budget but would be sent to the National Assembly after its resumption on July 2.
The budget will 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. The budget size is N6.6 trillion”, he told PUNCH.
In subsequent reports, he confirmed that the budget will fund part of the ongoing Lagos-Calabar coastal highway.
Furthermore, the Presidential aide, Bayo Onanuga, confirmed that Tinubu received a draft proposed by Finance Minister Wale Edun, which detailed how the supplementary budget would be spent.
He said, “At current rates, expenditure on the fuel subsidy is projected to reach 5.4 trillion naira by the end of 2024. This compares unfavourably with 3.6 trillion naira in 2023 and 2.0 trillion naira in 2022,” the finance ministry stated in the draft document.
In the draft document, the finance ministry also proposed that the government sell equity in its refineries by May 2026, increase excise duties on beverages, and introduce taxes on single-use plastics and sweetened beverages to generate revenue.
Meanwhile, the proposals and the supplementary budget came amidst Nigeria’s ongoing instability of currency devaluation.
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