The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the supplementary budget for 2023 will be implemented alongside the 2024 budget.
He made the disclosure during the 2024 Budget Defence of the Federal Ministry of Finance at the Senate Committee on Finance in Abuja on Monday.
The minister emphasised the importance of reviewing fiscal policy and tax reforms to increase revenue and attract foreign investors, according to a statement by the ministry’s Director (Press & PR), Stephen Kilebi.
The statement read:
“The Minister reiterated the need for fiscal policy review and tax reforms for revenue generation to run the nation’s economy, adding that such measures would attract domestic and foreign direct investment into the country for job creation and wealth creation.
“He disclosed that the 2023 Supplementary Budget would run concurrently with the 2024 Appropriation Act.”
The minister emphasised the importance of digitalization, which will improve efficiency and reduce costs in governance, ultimately boosting the economy. He also mentioned that the savings and tax incentives in the nation’s proposed budget for 2024, which amounts to N27.5 trillion, will further strengthen the economy.
Last month, President Bola Tinubu signed the 2023 supplementary budget into law, worth N2.17 trillion, after it received swift approval from both the House of Representatives and Senate. The supplementary budget breakdown reveals that N1.01 trillion is allocated for recurrent expenditure, while N1.16 trillion is allocated for capital expenditure.
Furthermore, Tinubu recently presented the 2024 appropriation bill to the National Assembly, referring to it as the ‘Budget of Renewed Hope.’ The bill allocates N9.92 trillion for recurrent expenditure and N8.7 trillion for capital expenditure.
