President Bola Tinubu announced on Wednesday his intention to soon submit the 2024 Supplementary Appropriation Bill to the National Assembly. This move aims to bolster his administration’s commitment to delivering good governance and fostering prosperity, development, and progress for Nigerians. The announcement came shortly after Tinubu ceremoniously revived the old national anthem, “Nigeria, We Hail Thee,” during a joint session of the Senate and the House of Representatives in Abuja.
The event marked the Silver Jubilee of Nigeria’s 4th Republic, and Tinubu took the opportunity to urge lawmakers to continue their dedication to national service. He emphasized the collective responsibility of nation-building, highlighting the significant role of the lawmakers as representatives of the people. Accompanying Tinubu to the National Assembly Complex were Vice President Kashim Shettima, Secretary to the Government of the Federation George Akume, Borno State Governor Babagana Zulum, and his son, Seyi Tinubu, among other dignitaries.
Tinubu reiterated his commitment to his mandate and reminded the lawmakers of their crucial role in the nation-building process.
He stated,
“Charting a new path is a question of program for development. I submitted the 2024 budget to you, and you expeditiously passed it. We are walking the talk. I will soon bring the 2024 Supplementary Appropriation Bill. Building this nation so that the future of our grandchildren will be filled with prosperity, development, and progress is a step in the right direction.”
He further urged the lawmakers to focus on internal resources and efforts for nation-building, noting that foreign aid cannot build the country Nigerians can be proud of.
“Our friends, old and new, to every Nigerian, I say congratulations for 25 years of unbroken democracy. Out of respect, I want to say thank you very much for bringing us to this stage. For building the institution, for building this country,”
Tinubu said.
He emphasized the importance of collaboration and self-reliance, stating,
“Nobody, no aid, no other institution or personality will help us unless we do it ourselves. No number of aid coming from foreign countries or any other nation can do it. They (foreign nations) take care of themselves first. Let us work together to build our nation, not only for us but for generations yet unborn.”
On January 1, 2024, Tinubu signed the N28.7 trillion 2024 Appropriation Bill into law after thorough scrutiny by the National Assembly and budget defence by Ministries, Departments, and Agencies. This budget marked an increase of N1.2 trillion from the N27.5 trillion initially proposed. Upon signing the document, Tinubu assured that the budget implementation would be “efficiently pursued and vigorously monitored,” stressing accountability in ensuring diligent execution.
Key components of the budget include capital expenditure of N10 trillion, recurrent expenditure of N8.8 trillion, debt service of N8.2 trillion, and statutory transfers of N1.7 trillion. However, the government’s financial projections have been affected by fluctuations caused by the naira’s depreciation, revenue instability, and improved oil prices. The new plan aligns with the International Monetary Fund’s recommendation to pass a supplementary budget to accommodate the proposed minimum wage increase for workers, as the negotiated amount may exceed what was initially budgeted.
The IMF highlighted in a recent report,
“The authorities noted that a supplementary budget may be needed to accommodate the outcome of the ongoing wage structure negotiations which may exceed what they had included in the 2024 budget.”
