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

The Federal Executive Council (FEC) has granted approval for a supplementary budget of N2,176,791,286,033 to address pressing national issues. This development, announced by the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, at the end of the FEC meeting in Abuja, includes an allocation of N605 billion for national defence and security.

According to Bagudu, this supplementary budget is the second for the year 2023 and is designed to provide the necessary funding for critical matters. The substantial allocation of N605 billion for national defence and security is aimed at sustaining the progress made in enhancing security and accelerating related efforts before the year concludes.

The minister further revealed that the FEC has sanctioned N300 billion for the repair of the Eko and Third Mainland bridges, as well as the construction, rehabilitation, and maintenance of roads across the country to address these infrastructural needs before the rainy season returns.

Additionally, the Council has approved N200 billion for the provision of seed, agricultural inputs, supplies, agricultural implements, and infrastructure to bolster agricultural production.

In a significant development, N210 billion is allocated to cover wage awards in collaboration with the Nigeria Labour Congress. This funding will facilitate the payment of N35,000 to approximately 1.5 million federal government employees for the months of September, October, November, and December, amounting to N210 billion in total. Furthermore, N400 billion has been designated for cash transfer payments.

The minister also disclosed that the Federal Government has secured an $800 million loan from the World Bank to facilitate cash transfers of N25,000 to 15 million households. These transfers will occur in October and November, and an additional N100 billion has been allocated to extend the coverage for an extra month.

To enhance infrastructure development in the Federal Capital Territory, N100 billion has been earmarked for urgent and immediate capital expenditure projects.

Additionally, N18 billion will be provided to support the Independent National Electoral Commission in organizing elections in Bayelsa, Kogi, and Imo states.

The budget also includes N5.5 billion for the establishment of the Student Loans Board and N8 billion as a grant for the initiation of new ministries.