The Senate has announced that President Bola Tinubu will submit the 2024 supplementary budget to legislators for approval following their resumption in July.
Senate spokesperson Yemi Adaramodu informed The PUNCH that the supplementary budget, estimated at N6.6 trillion and still being finalized by the executive, will be sent to the National Assembly after their July 2 resumption.
Adaramodu stated, “The budget will be sent once we resume after the Sallah recess. I believe the bill and other important executive communications will be sent to the National Assembly when we resume in July.”
When asked about the budget size, especially considering the supplementary budget would fund part of the coastal road, he confirmed, “The budget size is N6.6 trillion.”
He elaborated that the supplementary budget would focus on four key transformational projects. He explained, “The supplementary budget emerged when Mr. President presented a memo to the Federal Executive Council. In the memo, he mentioned inheriting the Presidential Infrastructure Development Fund, which is managed by the National Sovereign Wealth Investment Authority.”
Adaramodu highlighted the identified projects: “The projects include the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagri Road, completion of all ongoing railway projects lacking counterpart funding, and rehabilitation and expansion of dams and irrigation schemes to boost production. Additionally, more funds will support CNG and LNG initiatives.”
He further noted, “The three roads, dams and irrigation, and railways are what Mr. President has designated as priority infrastructure items. This is what he has directed the ministry to include in the supplementary appropriation bill.”
Adaramodu concluded by mentioning that the ministry has yet to finalize and submit the supplementary appropriation draft to the Federal Executive Council. “Many people, including the leadership of the National Assembly and several members, have approached the ministry, inquiring about the renewed hope in the supplementary appropriation.”
