The Federal Executive Council (FEC) has approved the supplementary budget of N2,176,791,286,033for the year 2023.
This is the second supplementary budget approval this fiscal year.
If the National Assembly approves the supplementary budget, it will increase the country’s total budget for 2023 to almost N28 trillion.
Minister of Budget and Economic Planning, Abubakar Bagudu told State House Correspondents that President Bola Tinubu gave the approval at the FEC meeting held 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 said.
Other approvals, according to the minister, were for a sum of N300 billion to be earmarked for the rehabilitation of Eko and Third Mainland bridges, as well as the development, repair, and maintenance of various roads throughout the nation in preparation for the upcoming rainy season.
Council also approved N200 billion for the provision of seed, agricultural input, supplies and agricultural implements and infrastructure to support the expansion of production, Bagudu stated.
“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,” the minister added.
The minister stated that N5.5 billion was also provided for the funding of the takeover of the student loans board and N8 billion for the take-off grant of new ministries.
“The sum of N200billion was provided as capital supplementation to deal with urgent requests that have been made to President Bola Tinubu from various parts of the country,” he stated.