FEC Approves N2.1trn Supplementary Budget for 2023
TINUBU
By Our Reporter
The Federal Executive Council (FEC) on Monday approved a supplementary budget of N2.1trn for Ministries, Departments and Agencies (MDAs) of government for the fourth quarter of the year.
The supplementary budget is to be forwarded to the National Assembly for approval, according to the Minister of Budget and Economic Planning, Atiku Bagudu.
Bagudu said the supplementary budget among others covered the defence ministry, cash transfer to Nigerians and wage awards to civil servants.
The Minister added, “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, a 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 N200bn 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 $800 million 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.
“The sum N5.5billion naira was provided for the funding of the takeoff of the Student Loans Board as well as N8billion for the take-off grant of new ministries. Equally, a sum of N200billion was provided as capital supplementation to deal with urgent requests that have been made to Mr. President from various parts of the country.”
The FEC meeting was presided over by President Bola Ahmed Tinubu.
The Federal Executive Council (FEC) on Monday approved a supplementary budget of N2.1trn for Ministries, Departments and Agencies (MDAs) of government for the fourth quarter of the year.
The supplementary budget is to be forwarded to the National Assembly for approval, according to the Minister of Budget and Economic Planning, Atiku Bagudu.
Bagudu said the supplementary budget among others covered the defence ministry, cash transfer to Nigerians and wage awards to civil servants.
The Minister added, “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, a 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 N200bn 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 $800 million 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.
“The sum N5.5billion naira was provided for the funding of the takeoff of the Student Loans Board as well as N8billion for the take-off grant of new ministries. Equally, a sum of N200billion was provided as capital supplementation to deal with urgent requests that have been made to Mr. President from various parts of the country.”
The FEC meeting was presided over by President Bola Ahmed Tinubu.
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