FEC approves N2.2 trillion supplementary budget to address national concerns
Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, announced on Monday that the Federal Executive Council (FEC) has given its nod to a supplementary budget of N2.2 trillion, aimed at addressing pressing national concerns. Among the allocations, N605 billion has been designated for national defense and security.
Speaking to State House Correspondents at the conclusion of the FEC meeting in Abuja, Bagudu revealed, “The Council reviewed a second supplementary budget for the year 2023 and unanimously approved the sum of N2,176,791,286,033 to fund critical issues, including the allocation of N605 billion for national defense and security.”
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He emphasized that this funding is essential to maintain the progress in security efforts and ensure swift responses to security-related matters before the end of the year.
Additionally, the FEC approved N300 billion for the repair of the Third Mainland Bridge and Eko Atlantic, as well as for the construction, rehabilitation, and maintenance of various roads across the country in preparation for the upcoming rainy season.
Another significant allocation of N200 billion was greenlit to provide seed, agricultural input, supplies, and agricultural infrastructure, supporting the expansion of agricultural production.
Bagudu further explained, “An allocation of N210 billion has been made for wage awards resulting from negotiations with the Nigeria Labor Congress. The Federal Government has agreed to pay N35,000 to approximately 1.5 million federal employees for the months of September, October, November, and December, totaling about N210 billion. An additional N400 billion has been allocated for Cash Transfer payments.”
Regarding cash transfers, Bagudu mentioned that the Federal Government had secured an $800 million loan from the World Bank to disburse N25,000 to 15 million households for October and November. An additional month of funding has been graciously approved by the President, resulting in the allocation of N100 billion.
The supplementary budget also sets aside N100 billion to support urgent and immediate capital expenditure projects in the Federal Capital Territory, enhancing infrastructure development in the city.
Furthermore, N18 billion has been provided to support the Independent National Electoral Commission in conducting elections in Bayelsa, Kogi, and Imo states.
The take-off of the Student Loans Board is funded with N5.5 billion, and N8 billion is allocated for the establishment of new ministries.
Lastly, N200 billion has been designated as capital supplementation to address pressing requests from various regions of the country, strengthening the government’s commitment to national development.