The Speaker of the House of Representatives, Tajudeen Abbas, has announced that the newly signed budget by President Bola Tinubu marks the conclusion of contentious borrowing practices that have plagued previous administrations…CONTINUE READING

Specifically, the Speaker highlighted the discontinuation of the controversial securitization of ways and means borrowing, which shifts the government away from criticized ad-hoc financing methods known for their lack of transparency and accountability.

Abbas commended this move, stating that it effectively terminates these controversial means of borrowing money.

Additionally, he explained that President Tinubu has signed a 90-day extension for the 2023 supplementary appropriations bill, allowing it to run concurrently with the new 2024 budget until March 31st.

Furthermore, the 2023 main budget received an extension, with its capital component operating concurrently with the 2024 spending plan. Abbas remarked, “Mr. President has endorsed two additional bills.

The first one is the supplementary appropriation bill of 2023, for which he has agreed to extend it by 90 days.