On Monday, the national parliament received approval to receive a supplemental budget of N2.17 trillion from the federal executive council (FEC).
The 2024 budget, which would also be presented to the national legislature by December 31, was recommended by the federal government under President Bola Tinubu to be N26 trillion.
When the council adopted the fiscal strategy papers (FSP) and the 2024–2025 medium-term expenditure framework (MTEF) during the FEC meeting on October 23, in Abuja, the extraordinary budget amount was revealed.
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The law was swiftly passed by the house of representatives for a second reading after the supplemental budget was announced on Monday.
Corresponding to Tinubu’s request for the senate to “speedily” study and approve the appropriation measure, the senate also approved the supplemental budget for a second reading.
The country’s total budget will rise to N28.17 trillion upon the national assembly’s adoption of the supplemental budget.
A handful of the budget’s highlights are shown here.
BUDGET OF STATE HOUSE
For the State House’s needs, the federal government intends to spend N28 billion.
The federal government set aside N2,900,000,000 for the purchase of SUVs, according to a breakdown of the amount.
The replacement of “operational pool vehicles” will also cost N2,900,000,000.
The estimated cost of renovating the president’s residence and Aguda home is N4,000,000,000 and N2,500,000,000, respectively.
Some others are:
The State House’s digital transformation and computerization cost N200,000,000.
N4,000,000,000 is being used to construct an office complex within State House.
Renovating Dodan Barracks, the President’s official residence, will cost N4,000,000,000.
N3,000,000,000 will be spent on renovating the vice president’s official residence in Lagos.
Purchasing, updating, and revitalising two units. N1,500,000,000.000 was forfeited by the EFCC as State House in Mabushi.
Purchasing, remodelling, and revitalising two units. EFCC lost State House quarters in Guzape for N1,500,000,000.
The first lady’s office would spend N1,500,000.00 on official cars.
Ministry of Works Federal
Additionally, N300,000,000,000 was allocated by the federal government to the Ministry of Works.
The Third Mainland Bridge’s necessary comprehensive repairs and renovation, among other things, would be covered by the N15,000,000.00 allocation of the total.
The government said that N12,876,566,404 would be used as a fifty percent down payment for urgent, extensive repairs on more important bridges.
Also designated as a “outstanding sum owed to contractor for certified works on Eko and Marine Bridges” was N11,400,024,608.
