The Federal Executive Council (FEC) on Tuesday approved a 2023 supplementary budget of ₦2.1 trillion to meet its financial commitments for the remaining months of the year.
While speaking after the FEC meeting on Monday in Abuja the Minister of Budget and Economic Planning Atiku Bagudu said the budget is to fund urgent issues.
‘The council considered a request for supplementary appropriation which is a second for 2023,” he said at the State House in Abuja.
‘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.’
According to him, there will be allocations to maintain previous progress on national security and agriculture.
The budget will also cover four months of wage awards for Federal Government workers and student loan funds.
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‘Equally the sum of N210 billion is provided for the payment of wage Awards. In negotiation with the Nigeria Labour Congress,’ Bagudu added.
‘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 2023.
‘And that amounts to about N210 billion which has been approved and also N400 billion as Cash Transfer payments.
‘You may recall that the Federal Government secured a $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months: October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100 billion is for.’
According to him, out of the amount for the supplementary budget, the Federal Government approved N18 billion for the Independent National Electoral Commission (INEC) for the conduct of the Bayelsa, Imo, and Kogi State off-cycle elections next month.