President Tinubu signs N2.17tn supplementary budget into law

President Bola Tinubu has signed the 2023 supplementary budget into law.

Tinubu assented to the N2.17 trillion supplementary appropriation bill on Wednesday in Abuja.

Last Thursday, the Nigerian Senate passed the 2023 Appropriation Bill after the third reading.

The Senate passed the bill after the report of the harmonized sittings of the Senate and the House of Representatives was submitted by Senator Solomon Adeola, popularly known as Yayi, the Chairman of the Appropriations Committee.

Tinubu presented the supplementary budget to the National Assembly last Tuesday.

Last Wednesday, SaharaReporters reported that the Senate had approved the $7.8 billion and another €100 million borrowing plan as requested by President Tinubu.

The president made the request through a letter to the Senate, read during the plenary by the Senate President, Godswill Akpabio.

In August, the National Assembly approved President Tinubu’s request for over $800 million loan to finance the National Social Safety Network Programme.

The National Assembly had approved the 2022 Supplementary Appropriations Act of N819 million “for the provision of Palliatives to Nigerians to cushion the effect of fuel subsidy removal”.

Tinubu’s request letter seeking the Senate’s approval for the 2022-2024 borrowing plan was announced by Akpabio on Wednesday.

Meanwhile, according to the Debt Management Office (DMO), Nigeria's debt burden rose to N87.38 trillion at the end of the second quarter of this year.

This comprises a total external debt of N33.25 trillion and a total of N54.13 trillion internal debt.