The Federal Executive Council (FEC) has given its approval to a supplementary budget of over N2 trillion for the year 2023, marking the second supplementary budget for the year.
The announcement was made during the council’s weekly meeting, presided over by President Bola Tinubu. Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, conveyed this decision during a briefing with State House Correspondents following the FEC meeting in Abuja.
The supplementary budget of N2,176,791,286,033 is intended to address urgent matters, including allocating N605 billion for national defense and security. This allocation aims to sustain the progress made in enhancing security and to accelerate the necessary efforts, ensuring that security agencies have the required funds to fulfill their responsibilities before the end of the year.
Additionally, the FEC approved N300 billion for the rehabilitation of the Eko and Third Mainland bridges, as well as the development, repair, and maintenance of roads across the country, in preparation for the upcoming rainy season.
The council also approved N200 billion to provide seed, agricultural input, supplies, and agricultural implements and infrastructure to support expanded production. Furthermore, N210 billion was allocated for wage awards in line with negotiations with the Nigeria Labour Congress. The federal government agreed to pay N35,000 each to approximately 1.5 million federal government employees for the months of September, October, November, and December, totaling about N210 billion.
In addition, N400 billion was designated for cash transfer payments. A sum of N5.5 billion was provided for funding the takeover of the student loans board, and N8 billion for the start-up grant of new ministries.
A further N200 billion was allocated as capital supplementation to address pressing requests from various parts of the country. This approval, when granted by the National Assembly, will increase the country’s total budget to nearly N28 trillion.
