The Federal Executive Council (FEC), under the leadership of President Bola Tinubu, has given the green light to a supplementary budget of N2.17 trillion for the year 2023, News About Nigeria reports.
The announcement came after a meticulously deliberated meeting, with Minister of Budget and Economic Planning, Atiku Bagudu, sharing the details with State House Correspondents at the conclusion of the weekly FEC gathering held in the Presidential Villa, Abuja.
This supplemental budget, totaling N2,176,791,286,033, is allocated for the urgent and essential requirements of the nation. A substantial portion, amounting to N605 billion, has been earmarked for security and national defense to maintain the hard-won gains in the security domain. Further allocations include N200 billion for the enhancement of agricultural production, N300 billion for the repair and maintenance of vital bridges such as the Eko and Third Mainland bridges, as well as the construction, rehabilitation, and upkeep of various road networks across the country, ensuring their durability in preparation for the impending rainy season next year.
Within this supplementary budget, a noteworthy N210 billion has been set aside for the settlement of wage awards. The Minister elucidated, “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, beginning from September and continuing through October, November, and December of 2023.”
An allocation of N400 billion has been allotted for cash transfers to support vulnerable and underprivileged Nigerians during October and November. Bagudu clarified, “You may recall that the Government secured $800 million loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The amount is for two months, October and November. The President approved that an additional month should be funded by the government and that is what this N100 billion is for,”
Additionally, N100 billion will be directed towards the Federal Capital Territory (FCT), and N18 billion has been set aside to facilitate the Independent National Electoral Commission (INEC) for the forthcoming governorship elections in Kogi, Imo, and Bayelsa states, scheduled for November 2023.
Acknowledging the significance of education, the supplementary budget carves out N5.5 billion for student loans, while another N200 billion is dedicated to capital supplementation. Bagudu affirmed that the Council has also authorized an increase in the domestic borrowing ceiling.
Furthermore, the Minister emphasized the government’s commitment to maintaining the January-to-December budget cycle, with the Medium-Term Expenditure Framework (MTEF) having already been submitted to the National Assembly. He stressed the synergy between the National Assembly and the executive branch, citing the collaborative spirit driving the budgeting process.
