ABUJA, Nigeria – Nigeria’s government has approved a supplementary budget of 2.176 trillion naira, equivalent to $2.8 billion, in a strategic move aimed at addressing pressing national priorities. The announcement was made by Budget Minister Atiku Bagudu during a press conference held in Abuja.
The supplemental budget is a critical step to address pressing issues, with a significant allocation of 605 billion naira set aside for national defense and security. This allocation underscores the government’s commitment to sustaining recent improvements in security and ensuring that security agencies have the necessary resources to carry out their duties effectively.
Moreover, the budget also earmarks 300 billion naira for bridge repairs, including essential structures like the Coal and Midland Bridges. These repairs are vital for improving transportation networks and bolstering Nigeria’s overall infrastructure development.
President Bola Tinubu assumed office in May amidst an economic landscape characterized by slow growth and escalating national debt. His administration faced the challenge of alleviating economic hardships, especially after introducing significant reforms, such as the discontinuation of the long-standing petrol subsidy. This reform resulted in a three-fold increase in pump prices, coupled with a depreciation of the naira by over 50%, which had a cascading impact on prices in Nigeria, Africa’s leading oil producer and the continent’s most populous nation.
To mitigate the economic challenges faced by Nigerian households, the government is set to transfer 25,000 naira to 15 million households between October and December. This initiative is made possible through a $800 million loan from the World Bank, secured in April, with the aim of cushioning the effects of economic reforms on vulnerable households.
The supplementary budget goes beyond security and household support. It also allocates funds for other vital areas, such as agricultural inputs for farmers, nationwide road construction and maintenance, and additional pay for federal workers from September to December.
These strategic steps follow the recent approval of a 2024 budget totaling 26.01 trillion naira, equivalent to $34 billion, demonstrating the government’s dedication to strengthening Nigeria’s economy and addressing both immediate and long-term challenges. President Tinubu’s administration is working diligently to strike a balance between economic stability, security, and the welfare of its citizens within a rapidly evolving global landscape.
Photo (ByPremium Times)
By: Montel Kamau
Serrari Financial Analyst
30th October, 2023
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
