FG Proposes N6.6trn Supplementary Budget


The Federal Government is proposing a supplementary budget of N6.6 trillion to fund the implementation of the Accelerated Stabilisation and Advancement Plan (ASAP) designed to advance President Tinubu’s economy-related “8 Priorities.”

ASAP, among other things, recommended the unbundling and commercialization of the Transmission Company of Nigeria TCN. It also recommended the procurement of 7 million smart meters and 150,000 distribution transformers to enable growth of the power sector.

The ASAP document was prepared by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun and submitted to President Bola Tinubu on Tuesday.

The ASAP recommended intervention in four critical sectors with an estimated spending of N6.6 trillion. The sectors are Agriculture and food security, Energy (Power and Gas), Health and social welfare, and Business support

According to the document, “Emergency intervention is expected to cost approximately ¦ 6.6 trillion; proposed spending that is currently not in the Full Year 2023 budget. The proposed spend represents 2.1% of Full Year Estimate, FYE 2024 Gross Domestic Product, GDP.

“The estimated additional spending outlined does not include any fiscal implications from the freeze on the price of PMS Year-to-Date, YTD 2024.

“Approximately 49.0% and 27.0% are targeted at the energy sector and for business support, respectively.

“A supplementary budget for N6.6 trillion would need to be in place with the appropriate funding (backed by an approved borrowing plan).

“At an adjusted spend of 75.0% of the proposed emergency funding requirements; approximately ¦ 5.0 trillion would be required.

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