FEC Approves N2.18 Trillion Supplementary 2023 Budget
Federal Executive Council (FEC) has approved a N2.18 trillion supplementary 2023 budget to cover additional financial commitments of the Tinubu Admnistration for the year.
The Budget and Economic Planning Minister, Abubakar Bagudu, announced this while briefing the state house correspondents after the weekly meeting of the council on Monday.
He explained that N605 billion was voted for National Defense Sector, N300 billion for the urgent repairs of Eko and Third Mailand Bridges in Lagos, and construction and rehabilitation of some roads before the coming rainy season.
Also, N210 billion was for the wage awards of N35,000 monthly to N1.5 million federal civil servants for the months of September to December this year.
Others votes were N40 billion for the conditional cash transfer, N200 billion for the Sectoral Agricultural Implementation and Infrastructure the scheme.
The additional budget also made provisions for N100 billion for the urgent capital votes for capital projects in the federal capital territory, N18 billion for the conduct of Kogi, Bayelsa and Imo Governorship Polls, N5.5 billion for the proposed student loan, and N8 billion for the takeoff of new ministries.
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In the supplementary budget, an allocation of N8 billion was designated for the commencement of newly established ministries, such as the Ministry of Marine and Blue Economy, as per Bagudu.
“The council deliberated on a request for supplementary appropriation, which is the second one for 2023, and graciously endorsed a total of N2,176,791,286,033 as a supplementary budget. This supplementary budget is aimed at addressing pressing issues, including the allocation of N605 billion for national defense and security,” Bagudu stated.
“This funding is intended to uphold the progress achieved in security measures and expedite them. These funds are required by security agencies before the year’s end.
An additional sum of N300 billion has been allocated for the repair and maintenance of bridges, including the Eko and Third Mainland bridges, as well as for the construction, rehabilitation, and maintenance of various roads across the country, in anticipation of the rainy season.
A sum of N200 billion has been set aside for the provision of seeds, agricultural inputs, supplies, and agricultural equipment, along with infrastructure to support the expansion of agricultural production. Additionally, an allocation of N210 billion has been made for the disbursement of wage awards.
The $800 million will cover two months, namely October and November. The President has graciously sanctioned the inclusion of funding for an additional month by the federal government, and this is the purpose of the N100 billion allocation.”
