A supplemental budget of N2,176,791,286,033 was agreed by the Federal Executive Council (FEC) on Monday to address pressing national challenges, such as the allocation of N605 billion for national security and defence.
Sen. Abubakar Bagudu, the Minister of Budget and Economic Planning, disclosed this to State House Correspondents following the FEC meeting in Abuja.
The Council kindly granted N2,176,791,286,033, a supplementary budget of N605 billion for national security and defence, among other critical needs, after considering a request for supplemental appropriation, which is a second for 2023.
“This is to maintain and expedite the security gains that have been made, and the security agencies require these funds before the year ends.”
Additionally, Bagudu stated that the FEC had allocated N300 billion for the building, renovation, and upkeep of numerous roads around the country prior to the start of the rainy season, as well as the repair of the Third Mainland and Eko bridges.
In a same vein, he stated that the Council has allocated N200 billion for the provision of infrastructure, supplies, agricultural inputs, seeds, and tools to enable output growth.
N210 billion is also allocated for the payment of wage awards. in discussions with the Labour Congress of Nigeria.
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About 1.5 million federal employees will receive N35,000 apiece from the federal government in September, October, November, and December.
And it comes out to roughly N210 billion in sanctioned funds as well as N400 billion in cash transfers.
He recalled that the World Bank had granted the Federal Government a loan of 800 million dollars to cover cash transfers of N25,000 to 15 million households.
The eight hundred million dollars, he claims, are for October and November.
The President graciously agreed that the Federal Government should provide funding for an extra month, which is what this N100 billion is intended for.
Similarly, N100 billion has been allocated to the Federal Capital Territory to help with urgent and immediate capital projects that can improve the city’s infrastructure.
Additionally, N18 billion was given to the Independent National Electoral Commission to help them run the polls in the states of Imo, Kogi, and Bayelsa.
According to the minister, N8 billion was given for the take-off grant of new ministries, and N5.5 billion was allocated for the support of the Student Loans Board.
“An additional N200 billion was given as capital supplementation to address the pressing requests that President Bola Tinubu has received from across the nation.” In NAN
