The Federal Executive Council (FEC) has approved the supplementary budget of over N2 trillion for the year 2023, the second this year.
The council granted the approval on Monday during its weekly meeting presided over by President Bola Tinubu.
This announcement was made by Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, in a briefing with State House Correspondents following the FEC meeting in Abuja.
Recall that the FEC had earlier proposed a budget of N26 trillion for the year 2024, which is scheduled to be presented to the National Assembly by December 31.
- “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,” Bagudu said.
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In addition, Bagudu confirmed that the FEC had granted approval for a sum of N300 billion to be earmarked for the rehabilitation of Eko and Third Mainland bridges, as well as the development, repair, and maintenance of various roads throughout the nation in preparation for the upcoming rainy season.
Similarly, he said the council also approved N200 billion for the provision of seed, agricultural input, supplies and agricultural implements and infrastructure to support the 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 for September, October, November and December.
- ”And that amounts to about N210 billion which has been approved and also N400 billion as Cash Transfer payments,” the minister added.
- The minister stated that N5.5 billion was also provided for the funding of the takeover of the student loans board and N8 billion for the take-off grant of new ministries.
- “The sum of N200billion was provided as capital supplementation to deal with urgent requests that have been made to President Bola Tinubu from various parts of the country,” he stated.
The national assembly’s approval of the supplementary budget will increase the country’s total budget to almost N28 trillion.
Hope seedlings and agricultural inputs will get to peasant farmers in Imo state and Cocoa processing companies that need financial help e.g ftncocoa processors to cope with the current economic realities in the country