President Bola Tinubu on Tuesday, wrote the House of Representatives seeking the approval of the lawmakers for a supplementary appropriation bill of N2,176,791,286,033.

The president in a letter read at plenary, the speaker, Hon. Abbas Tajudeen, said the supplementary budget is aimed at addressing labour wage adjustments, security, and other matters.

Aside from that, the president also sent the 2024-2026 Medium Term Expenditure Framework & Fiscal Strategy Paper to the House of Representatives for consideration

Minister of Budget and Economic Planning Atiku Bagudu, had on Monday said the Federal Executive Council (FEC) at its meeting approved 2023 supplementary budget of N2.1 trillion.

According to him, the approval of the supplementary budget was to address urgent issues.

Bagudu said: “FEC approved the sum of N2,176,791,286,033 as supplementary budget and this supplementary budget is to fund urgent issues including N605 billion for national defence and security.

“This is to sustain the gains made in security and to accelerate and these are funds that are needed by the security agencies before the year runs out.”

“Equally the sum of N210 billion is provided for the payment of wage Awards. In negotiation with the Nigeria Labour Congress,” Bagudu added.

“The Federal Government agreed to pay N35,000 each to about 1.5 million employees of the Federal Government for September, October, November, and December 2023.

“And that amounts to about N210 billion which has been approved and also N400 billion as Cash Transfer payments.

“You may recall that the Federal Government secured a $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months: October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100 billion is for.”

[Guardian]