President Bola Tinubu announced on Wednesday that he would soon submit the 2024 Supplementary Appropriation Bill to the National Assembly, aiming to enhance his administration’s efforts in delivering good governance and accelerating economic progress in Nigeria.
Tinubu revealed this development shortly after reintroducing the old national anthem “Nigeria, We Hail Thee” at a joint session of the Senate and the House of Representatives in Abuja. The session marked the Silver Jubilee of Nigeria’s 4th Republic, where the President called on lawmakers to remain committed to national service.
Accompanied by 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, the President emphasised the collective responsibility of nation-building. He reminded legislators of their critical role as the people’s representatives, urging unity and self-reliance.
“Charting a new path requires a robust development programme,” Tinubu stated. “I submitted the 2024 budget to you, and you passed it expeditiously. We are walking the talk. I will soon present the 2024 Supplementary Appropriation Bill. Building this nation for the prosperity, development, and progress of future generations is essential.”
The President also called on lawmakers to actively contribute to nation-building, noting that no foreign aid can provide Nigerians with the country they deserve. “Congratulations to all Nigerians on 25 years of unbroken democracy. We must appreciate the journey so far and the efforts in building our nation,” he said. “As leaders, your role in this institution is crucial. The hallowed chambers represent our consciousness of freedom and unity.”
Reflecting on his political journey, Tinubu acknowledged the significance of the National Assembly. “Without this House, I may not have found my path to the presidency. I started here, and I respect this institution deeply. Let’s continue to collaborate and build our country. No foreign aid can replace our collective effort.”
On January 1, 2024, Tinubu signed the N28.7tn 2024 Appropriation Bill into law after thorough scrutiny by the National Assembly and budget defence by various ministries, departments, and agencies. This budget, an increase from the initial N27.5tn proposed, is aimed at ensuring efficient and rigorous implementation, with capital expenditure set at N10tn, recurrent expenditure at N8.8tn, debt service at N8.2tn, and statutory transfers at N1.7tn.
However, economic fluctuations, revenue instability, and improved oil prices have impacted the government’s financial projections. The supplementary budget aligns with the International Monetary Fund’s recommendations to accommodate a proposed minimum wage increase, which may exceed the original 2024 budget allocations.
The IMF noted that the government might need a supplementary budget to address the outcome of ongoing wage negotiations. The original budget allocated N6.48tn for personnel costs, but the IMF suggests this may be insufficient. The lender also pointed out that Nigeria’s budget deficit for 2024 could surpass projections due to implicit subsidies for fuel and electricity and rising interest expenses on debt.
