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The 2023 supplemental budget will operate alongside the 2024 budget

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The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, has said that the 2023 supplementary budget will run concurrently with the 2024 budget.

He said this during the 2024 Budget Defence of the Federal Ministry of Finance at the Senate Committee on Finance at the National Assembly on Monday in Abuja.

According to a statement by the ministry’s Director (Press & PR), Stephen Kilebi, the minister also stressed the need for a review of fiscal policy and tax reforms to boost revenue in the country and attract foreign investors.

What the Statement Said
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 and wealth creation.
“He disclosed that the 2023 Supplementary Budget would run concurrently with the 2024 Appropriation Act.”
The minister also stressed the need for digitalization, which will ensure greater efficiency and cost reduction in governance and boost the economy.

He added that the savings and tax incentives in the nation’s 2024 N27.5 trillion budget proposal would further enhance the nation’s economy.

What you should know
Last month, President Bola Tinubu signed the N2.17trn 2023 supplementary budget into law, following the speedy approval of the budget proposal from both the House of Representatives and Senate last week.

A detail of the 2023 Supplementary budget indicated that about N1.01 trillion is meant for Recurrent expenditure while about N1.16 trillion is for Capital expenditure.

Also, about two weeks ago, Tinubu presented the 2024 appropriation bill to the National Assembly which he called the ‘Budget of Renewed Hope.’

The recurrent expenditure in the bill is set to gulp N9.92 trillion while capital expenditure is N8.7 trillion.

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