Edun Announces Concurrent Run of 2023 Supplementary Budget with 2024 Budget for Fiscal Reinforcement - The Top Society

Edun Announces Concurrent Run of 2023 Supplementary Budget with 2024 Budget for Fiscal Reinforcement

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At the 2024 Budget Defense at the Senate Committee on Finance, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, declared that the 2023 Supplementary Budget would run concurrently with the 2024 budget, aiming for a comprehensive fiscal strategy.
The announcement, made on Monday in Abuja, underscores the government’s commitment to address economic challenges and enhance revenue generation. According to a statement from the ministry’s Director (Press & PR), Stephen Kilebi, Minister Edun emphasized the necessity of reviewing fiscal policy and implementing tax reforms to stimulate economic growth and attract both domestic and foreign investments.
Supplementary Budget
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.”
Edun also highlighted the importance of digitalization in governance for improved efficiency and cost reduction. He expressed optimism that the savings and tax incentives proposed in the 2024 N27.5 trillion budget would contribute to bolstering the nation’s economy.
In a brief overview of recent budgetary activities, it was revealed that President Bola Tinubu signed the N2.17 trillion 2023 supplementary budget into law last month. The detailed breakdown indicated approximately N1.01 trillion allocated for recurrent expenditure and N1.16 trillion for capital expenditure.
Additionally, Tinubu recently presented the 2024 appropriation bill to the National Assembly, naming it the ‘Budget of Renewed Hope.’ The proposed budget outlines a recurrent expenditure of N9.92 trillion and a capital expenditure of N8.7 trillion.
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