Tinubu Plans Supplementary Budget, Cautions Against Foreign Aid

ABUJA – President Bola Tinubu announced plans to submit a 2024 supplementary budget to the National Assembly, aiming to enhance the administration’s governance efforts. This announcement was made on Wednesday during a joint session of the Senate and House of Representatives, where he also revived the old national anthem “Nigeria, We Hail Thee.”

Accompanied by Vice President Kashim Shettima and other dignitaries, Tinubu emphasized the collective responsibility of nation-building and urged lawmakers to work towards a prosperous future for Nigeria, stressing that true development must come from within rather than relying on foreign aid.

On January 1, 2024, Tinubu signed the N28.7 trillion 2024 Appropriation Bill into law after rigorous reviews by the National Assembly. The budget, an increase from the initially proposed N27.5 trillion, includes significant allocations: N10 trillion for capital projects, N8.8 trillion for recurrent expenses, and N8.2 trillion for debt service.

However, financial projections have been challenged by the depreciation of the naira and revenue fluctuations. To address these issues and accommodate a proposed minimum wage increase, the government is considering a supplementary budget. The International Monetary Fund has also suggested this adjustment due to potential overspending on the negotiated wage increase.

The Senate plans to revisit the budget due to the naira’s significant devaluation against the dollar, which affects the cost of petroleum imports. Financial experts agree on the necessity of a supplementary budget but recommend waiting for detailed projections to fully assess its impact.