President Bola Tinubu has officially enacted the N2.2 trillion supplementary budget for 2023, extending its implementation alongside the 2024 budget until March 31, 2024. This move, made nine weeks following the Federal Executive Council’s endorsement of extra allocations for defense, infrastructure, and welfare programs, marks a significant step in addressing various sectors’ needs.

Tinubu’s approval includes the restructuring of the Ways and Means, a Central Bank-funded credit facility that gained notoriety during the twilight of the Buhari administration. This adjustment seeks to streamline borrowing practices, ensuring more transparent and sustainable financial strategies for Nigeria.

The Speaker of the House of Representatives, Tajudeen Abbas, confirmed these developments while addressing the press at the Aso Rock Villa immediately after Tinubu signed the 2024 budget into effect. Abbas highlighted the extension of the 2023 supplementary budget’s operation alongside the 2024 budget until March 31, emphasizing the government’s commitment to fiscal responsibility.

Additionally, Abbas underscored the significance of reevaluating the Ways and Means, aligning with experts who believe its usage has led to increased budget expenditure without accurate revenue projections. This has hindered the government’s ability to prioritize and optimize spending effectively.

In response to concerns about the Ways and Means, Finance Minister Wale Edun affirmed the administration’s readiness to phase it out. Edun emphasized adopting technological advancements to ensure proper revenue collection while restructuring borrowing practices to rely less on Central Bank-backed funding.

President Tinubu’s action came shortly after signing the N28.7 trillion 2024 budget upon his return from the Christmas holidays in Lagos. Among the dignitaries present at the ceremony were Chief of Staff Femi Gbajabiamila, Budget and Economic Planning Minister Atiku Bagudu, and National Security Adviser Nuhu Ribadu.

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