FEC Adopts A Supplemental Budget Of N2.1 Trillion For 2023

A supplementary budget of N2.1 trillion has been approved by...

A supplementary budget of N2.1 trillion has been approved by the Federal Executive Council (FEC) for 2023

Atiku Bagudu, the Minister of Budget and Economic Planning, made this revelation after Monday, October 30, at the State House in Abuja, following a council meeting chaired by President Bola Tinubu.

In his opinion, "The council considered a request for supplementary appropriation which is a second for 2023, and graciously approved the sum of N2,176,791,286,033 as supplementary budget and this supplementary budget is to fund urgent issues including N605 billion for national defence and security.

"This is to sustain the gains made in security and to accelerate and these are funds that are needed by the security agencies before the year runs out.

"Equally the sum of N200 billion was provisioned for seed, agricultural input, supplies and agricultural implements and infrastructure in order to support expansion of production. Equally the sum of N210 billion is provided for the payment of wage Awards.

"In negotiation with the Nigeria Labour Congress, the federal government agreed to pay N35,000 each to about 1.5 million employees of the federal government and that amounts from September, October, November and December 2023 and that amounts to about N210 billion which has been approved and also N400 billion as cash transfer payments.

"You may recall that the federal government secured $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months, October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100 billion is for.

Equally, N100 billion has been provided for the Federal Capital Territory in order to support them in urgent and immediate capital expenditure works that can enhance the infrastructure in the city.

"Equally N18 billion was provided for the Independent National Electoral Commission to support them in the conduct in the Bayelsa, Kogi and Imo elections.

"Yes, some N5.5 billion naira was provided for the funding of the takeoff of the student loans board as well as N8 billion for the take-off grant of new ministries.

"Equally as sum of N200 billion was provided as capital supplementation to deal with urgent requests that have been made to Mr president from various parts of the country."