FEC Approves N2.1trn Supplementary Budget

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has disclosed that the Federal Executive Council (FEC) on Monday approved N2,176,791,286,033 supplementary budget to fund urgent national issues including N605 billion for national defence and security.

Bagudu made this known while briefing State House Correspondents at the end of FEC meeting in Abuja.

” 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.

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“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. ”

The former Kebbi state governor also stated that FEC approved N300 billion for the repair of Third Mainland bridges, Eko Atlantic as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.

Similarly, he said Council approved N200 billion for the provision of seed, agricultural input, supplies and agricultural implements and infrastructure 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 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.”

While recalling that the Federal Government has secured 800 million dollars loan from the World Bank to pay cash transfers of N25,000 to 15 million households, Bagudu said the 800 million dollars is for 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. ”

” Also, N18 billion was provided for the Independent National Electoral Commission to support them in the conducting the Bayelsa, Kogi and Imo states elections.”

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Bagudu said that N5.5 billion was also provided for the funding of the take-off of the Student Loans Board and N8 billion for the take-off grant of new ministries.

” Equally the sum of N200 billion was provided as capital supplementation to deal with urgent requests that have been made to President Bola Tinubu from various parts of the country.” (NAN)