The Federal Government will be spending N7.76 trillion in 2023 on various expenses, including salaries for federal workers and other non-debt recurrent costs, News About Nigeria learnt.
The data is based on the initial 2023 budget and the recently signed 2023 supplementary budget, where the Federal government approved a N2.18 trillion budget to cover new expenses, such as the agreed wage reward for workers following the removal of fuel subsidy.
The sum of N210bn was allocated for the payment of wage Awards, in line with the negotiations and agreement made with the Nigeria Labour Congress (NLC).
The federal government had agreed to pay N35,000 each to about 1.5 million Federal Government employees in September, October, November, and December of the year 2023.
According to the Minister of Budget and Economic Planning, Abubakar Bagudu, a portion of the budget will be allocated for national defence, wage awards, and infrastructure projects.
He explained that N605bn from the budget has been allocated for national defence and security in order to strengthen the security sector as they fight against insecurity, which is gradually becoming the order of the day in the Nation.
Bagudu also noted that the sum of N300bn will be channelled towards the repair of the Eko and Third Mainland bridges and also for the construction, rehabilitation, and maintenance of roads in the Nation before the return of the rainy season.
Also, a significant portion of the budget, N1.01 trillion, is allocated for recurrent expenditure, while N1.17 trillion is dedicated to capital expenditure. The supplementary budget will increase the total non-debt recurrent expenditure to N7.76 trillion and capital expenditure to N4.53 trillion, resulting in a total budget of N19.81 trillion for 2023.
