President Bola Tinubu has signed the 2023 supplementary appropriation bill into law, with a total budget of N2.17 trillion.
The signing ceremony took place in his office at the State House, with several notable figures in attendance. Among those present were the Secretary to the Government of the Federation, George Akume; Senate President Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; the Minister of Budget and National Planning, Abubakar Bagudu; and Chairman of the Federal Inland Revenue Service, Zacheaus Adedeji.
The supplementary budget had recently stirred controversy, particularly due to the allocation of N5 billion for a “Presidential Yacht.”
However, addressing State House correspondents on October 16, 2023, Abubakar Bagudu explained that the largest portion of the budget, totaling N605 billion, was designated for security purposes.
This allocation is intended to bolster the capabilities of the armed forces and security agencies to address current and emerging security challenges nationwide.
In addition, the supplementary budget includes N5.5 billion for a student loan scheme and over N616 billion in wage awards for civil servants, aimed at mitigating the increased cost of living following subsidy adjustments.