President Bola Tinubu is set to present the 2024 Supplementary Budget to the National Assembly (NASS) in the coming days. This announcement was made during a joint sitting of the National Assembly where the President addressed lawmakers.
Addressing the assembly, President Tinubu acknowledged the swift passage of the previous budget by the National Assembly, stating, “I submitted the last budget to you. You expeditiously passed it. We are walking the talk. I will soon bring the Year 2024 (Supplementary) Appropriation Bill. That is just for your information.”
In response, Senate President Godswill Akpabio expressed gratitude and stated, “Thank you, Mr. President, we will be expecting the Supplementary Appropriation Bill of 2024 as soon as possible.”
The joint sitting, which coincided with the first anniversary of the Tinubu administration, also saw the confirmation of ‘Nigeria, we hail thee’ as the latest national anthem. Tinubu emphasized the importance of unity in diversity, urging collaboration between the Senate, the House of Representatives, and his administration for the country’s sustained progress and development.
“We have no other choice; it is our nation. No other institution or personality will help us unless we do it ourselves. No amount of aid from foreign countries or any other nation (will fix us), they take care of themselves first. Let us work together as we are doing to build our nation, not only for us but for generations unborn,” Tinubu stated.
Earlier in the year, on January 1, 2024, President Tinubu had assented to the ₦28.7 trillion 2024 Appropriation Bill passed by the Senate. The budget, dubbed the 2024 ‘Budget of Renewed Hope,’ aimed to address various economic challenges and opportunities. However, shortly after its implementation, the naira experienced significant depreciation against the US dollar, reaching nearly ₦2,000/$1 in February. Currently, the currency hovers around ₦1500/$1.
Despite these challenges, President Tinubu remains committed to presenting the Supplementary Budget to address emerging fiscal needs and maintain the government’s focus on economic recovery and stability. As Nigeria navigates through economic uncertainties, the collaboration between the executive and legislative arms of government becomes crucial in charting a sustainable path forward.
