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The Federal Executive Council (FEC) has approved a supplementary budget of N2.17 trillion for 2023, with a focus on boosting security, infrastructure, and agriculture.
The budget includes N605 billion for national defense and security, N300 billion for bridge maintenance, N210 billion for wage awards to civil servants, N400 billion for cash transfers to vulnerable households, N100 billion for infrastructure support for the Federal Capital Territory (FCT), and N800 billion for the Independent National Electoral Commission (INEC) to conduct off-season governorship elections in Bayelsa, Imo, and Kogi states.
The budget also includes N8 billion for the take-off of the newly created Ministry of Marine and Blue Economy.
The Minister of Budget and Economic Planning, Atiku Bagudu, said the supplementary budget is necessary to fund urgent issues and sustain the gains made in security.
He also said the budget is intended to support the expansion of agricultural production and enhance infrastructure in the country.
“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.”
“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 as sum of N300 billion was provided to repair bridges including Eko and Third Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.
“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.
“The council considered a request for supplementary appropriation which is a second for 2023 and guide graciously approve 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 defense and security,” Bagudu said.
“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.
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