FEC Greenlights Second Supplementary Budget of N2 Trillion for 2023
The Federal Executive Council (FEC) has given its approval to a supplementary budget of over N2 trillion for the year 2023, marking the second supplementary budget for the year.
The decision was made during the council’s weekly meeting, presided over by President Bola Tinubu. Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, announced the approval in a briefing with State House correspondents following the meeting.
The supplementary budget, totalling N2,176,791,286,033, has been allocated to address pressing issues, including N605 billion for national defence and security.
This funding is intended to support ongoing security efforts and maintain the gains made in this area.
Additionally, the FEC has approved N300 billion for the rehabilitation of Eko and Third Mainland bridges and for the development, repair, and maintenance of various roads across the country, especially in preparation for the upcoming rainy season.
Furthermore, N200 billion will be allocated to provide seed, agricultural inputs, supplies, agricultural implements, and infrastructure to support expanded agricultural production.
The council has also authorised N210 billion for the payment of wage awards in negotiation with the Nigeria Labour Congress, which will benefit approximately 1.5 million federal government employees.
The federal government agreed to pay N35,000 each to these employees for the months of September, October, November, and December, amounting to around N210 billion.
In addition, N400 billion has been approved for cash transfer payments.
The budget includes N5.5 billion for the takeover of the student loans board and N8 billion as a take-off grant for new ministries.
An additional N200 billion has been allocated as capital supplementation to address urgent requests from various parts of the country. Upon approval by the National Assembly, the supplementary budget will bring the country’s total budget to nearly N28 trillion.
Source: Nairametrics
