Barring any unforeseen developments, the presidency has perfected necessary arrangements to send a Supplementary Appropriation Bill to the National Assembly on Thursday.
Senate Spokesperson Adeyemi Adaramodu had last week, put the size of the proposed money bill at N6.6 trillion.
THISDAY’s checks within the National Assembly on Tuesday revealed that the purchase of a brand new private jet for the use of President Bola Tinubu and his deputy, Kashim Shettima, would be included in the money bill.
It was also gathered that three out of the existing planes in the presidential fleet would be put up for sale to enable the government to raise sufficient funds needed to procure the executive jet.
A principal officer off the National Assembly who disclosed this to our correspondent, strictly on conditions of anonymity on Tuesday, added that the three existing planes would be put in proper shape before they would be sold.
The source said: “Barring any unforeseen circumstances, the two chambers of the National Assembly should receive a Supplementary Appropriation Bill from the presidency on Thursday this week.
“Contrary to speculations that the federal government plans to buy two airplanes for the president and his deputy, only the cost of one VIP jet with necessary security configuration would be included in the Bill.
“It has been established that none of the aircraft in the fleet of the presidential jets is good enough to fly the president and his deputy.
“If you noticed, the last two trips of the president and his deputy were undertaken in commercial aircraft which does not have necessary security configuration and features expected of such air planes.
“You will agree with me that such arrangement, apart from not being too good for the image of Nigeria, also poses a serious national security threat.”
The source added that the 2024 Supplementary Appropriation Bill would be read simultaneously on the floors of both red and green chambers when the federal lawmakers resume from their current Sallah break on Tuesday next week.
The Chairman, Senate Committee on Media and Public Affairs, Adeyemi Adaramodu, had last week confirmed that President Tinubu will send the Supplementary Budget to the nation’s apex legislative institution for approval after resumption.
The federal lawmakers will resume plenary on Tuesday, July 2.
Adaramodu, who put the size of the proposed money bill at N6.6 trillion had noted that its details were still being computed by the executive arm of government.
He had said: “The budget would be sent any time we resume after the Sallah recess.
“I believe the bill and other important executive communication will be sent to the National Assembly when we resume in July. The budget size is N6.6 trillion,” he added.
Similarly, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, appeared before a joint committee of the National Assembly penultimate week and explained that the proposed 2024 Supplementary Appropriation Bill will be partly funded with the N50 billion Presidential Infrastructure Development Fund (PIDF).
He said the PIDF was currently domiciled in the National Sovereign Wealth Investment Authority (NSWIA). He said the N50 billion in the Fund would not be enough to fund the Renewed Hope Transformational Projects hence the Federal Government approached the World Bank for a $2.5 billion loan among other revenue sources.
He further disclosed that the World Bank management would meet soon to take a decision on its approval.
He was at the federal parliament to brief the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs over the proposed Supplementary Appropriation Bill.
The Minister told the committee members that the entire Supplementary Budget, which is still being prepared, would be spent on four identified transformational projects.
He listed the projects to include Lagos – Calabar Coastal Road; the proposed Sokoto – Badagry Road and the completion of all ongoing railway projects, which the federal government had yet to provide counterpart funding for.
Bagudu also said the proposed bill would fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy.
Apart from this, he said the supplementary budget would provide more money to support Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to provide for more energy competitiveness.
The minister added the trans-Sahara highway which the current administration inherited would also be funded with the supplementary budget.
He said: “The supplementary budget that was announced or rather was mentioned, came about when Mr. President presented a memo to the Federal Executive Council (FEC).
“In the memo, he (Tinubu) said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.
“He has also identified transformational projects, including Lagos – Calabar, Coastal Road; proposed Sokoto-Badagry Road; completion of all ongoing railway projects, which we have not provided counterpart funding.
“We also plan to fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy. Last but not the least, more money to support CNG, LNG.”
“The three roads, dams and irrigation, and railways, is what Mr. President designated as the infrastructure, renewed health infrastructure priority items.
“So that’s what he directed that the ministry prepare for the supplementary appropriation Bill. We have not finished work on the bill, we have not submitted the supplementary appropriation draft to the FEC yet.
“So many people have approached the ministry and indeed leadership of the National Assembly as well as many members asking about the renewed hope the supplementary appropriation.”
The minister also said the current agitation by the organised labour minimum wage agitation might also be considered in the proposed legislation.
He said: “We are not clear how much revenue we have, given the challenges of the moment. Yes, we have done some scenarios given the exchange rate fluctuation and the impact of the budget and even scenarios given the current minimum wage negotiation that is ongoing.
“This is because even at N60,000, even at N62,000, that immediately doubles the minimum wage.
“So it was the forecast that even at the lowest level, it will increase inflation rate and that might affect interest rates which will affect in turn, economic activity, debt surges, among others.”
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