The federal executive council (FEC) has approved the submission of a supplementary budget of over N2.17 trillion to the national assembly.
The President Bola Tinubu-led federal government had proposed the sum of N26 trillion for the 2024 budget, which will also be submitted to the national assembly before December 31.
The unprecedented budget sum was announced when the council approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP) at the FEC meeting held on October 23, in Abuja.
Following the announcement of the supplementary budget on Monday, the house of representatives quickly passed the bill for a second reading.
Similarly, the senate also passed the supplementary budget for a second reading — after Tinubu asked the senate to “speedily” consider and approve the appropriation bill.
The national assembly’s approval of the supplementary budget will increase the country’s total budget to N28.17 trillion.
Here are a few highlights of the budget.
STATE HOUSE BUDGET
The federal government plans to spend N28 billion on the needs of the State House. A breakdown of the figure showed that the federal government earmarked N2,900,000,000 for the purchase of SUV vehicles.
The sum of N2,900,000,000 will also be spent on the replacement of “operational pool vehicles”. The renovation of residential quarters for the president, and Aguda house will gulp N4,000,000,000; and N2,500,000,000, respectively.
Others include: Computerisation and digtalisation of the State House N200,000,000
Construction of office complex within State House N4,000,000.000
Renovation of Dodan barracks — official residence of Mr. president N4,000,000,000
Renovation of official quarters of vice-president in Lagos, N3,000,000,000
Acquisition, renovation and rehabilitation of 2Nos. EFCC forfeited quarters as State House at Mabushi, N1,500,000.000.
Acquisition, renovation and rehabilitation of 2nos.
EFCC forfeited quarters as State House at Guzape, N1,500,000,000.
Purchase of official vehicles for the office of the first lady, N1,500,000.000.
The federal government also budgeted N300,000,000,000 for the ministry of works. Out of the sum, N15,000,000.000 will be used for the urgent comprehensive repairs/rehabilitation of the Third Mainland Bridge and others.
The government said N12,876,566,404 will be spent as a 50 percent part payment for urgent comprehensive work on other critical bridges.
In addition, N11,400,024,608 was earmarked as an “outstanding sum owed to contractor for certified works on Eko and Marine Bridges”.