FEC approves N2.1trn Supplementary Budget for urgent national issues

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.


The Minister of Budget and Economic Planning, Sen. Abubakar
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.


” 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 also said that FEC approved N300 billion for the
repair of Eko and Third Mainland bridges 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.”


He recalled 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.


According to him, the 800 million dollars is for October and


” 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.”


The minister stated 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) 


Related posts

Start Chat
Chat With DJ Gambit
How Can I help You?
%d bloggers like this: