National Assembly Allocates N70bn in Supplementary Budget as World Bank Loan Approval Secured

The National Assembly passed a comprehensive N819bn supplementary budget on Thursday, providing various allocations to address crucial issues affecting the nation. The Senate, during the session, also gave its consent to President Bola Tinubu’s $800m World Bank loan request. The supplementary budget, derived from the N819bn Supplementary Appropriation Act of 2022, aims to tackle multiple challenges faced by Nigeria.

A substantial amount of N500bn has been set aside for palliative measures and essential capital expenditures to mitigate the impact of the recent fuel subsidy removal. Moreover, N70bn has been allocated to enhance the working conditions of the National Assembly, recognizing the importance of supporting the legislative branch.

Furthermore, the Ministry of Works and Housing will receive N185.2bn to alleviate the repercussions of the severe flooding experienced in the country in 2022. This funding will aid in addressing the damages caused by the floods and aid in the restoration of affected areas.

In a bid to revive the agricultural sector, N19.2bn has been earmarked for the Federal Ministry of Agriculture. This allocation will play a pivotal role in assisting farmers who suffered substantial losses due to the extensive flooding witnessed last year.

Addressing the needs of the judiciary, the National Judicial Council will receive N35bn to strengthen its operations and ensure the smooth functioning of the justice system. Additionally, the Federal Capital Territory Administration will receive N10bn to undertake critical projects within the capital.

President Bola Tinubu, in a letter presented by Senate President Godswill Akpabio, emphasized that the $800m World Bank loan would primarily be utilized as an intervention fund to support vulnerable members of society. The loan will provide a monthly stipend of N8,000 for six consecutive months to approximately 12 million vulnerable Nigerians, mitigating the adverse effects of subsidy removal on their livelihoods.

Senator Yemi Adaramodu, spokesperson for the Senate, clarified that the N70bn allocated for federal lawmakers had previously been included in the original Act and has been retained in the amended version. Additionally, apart from the N500bn dedicated to mitigating the effects of subsidy removal, all other appropriations have remained unchanged from the 9th National Assembly’s original passing.

This comprehensive supplementary budget and the approval of the World Bank loan mark important steps towards addressing critical issues in Nigeria and providing support to those most in need.