FG Okays N2.1trn as 2023 Supplementary Budget

The Federal Government has approved N2.1 trillion to finance the 2023 supplementary budget.
Addressing State House Correpondents shortly after the Federal Executive Council (FEC) on Monday in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu said that the monies would be used to fund urgent national needs.
He noted that the council considered a request for supplementary appropriation which is a second for 2023.
“The FEC 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,” he said.
Bagudu hinted that there would be allocations to maintain previous progress recorded on national security and agriculture.
The budget is expected to cover four months of wage awards for Federal Government workers and student loan funds.
“Equally the sum of N210 billion is provided for the payment of wage awards 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 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,” Bagudu added.
Providing a breakdown of the budget, he disclosed that the Federal Government approved N18 billion to support the Independent National Electoral Commission (INEC) in conducting the Bayelsa, Imo, and Kogi State off-cycle elections next month.
He pointed out that N5.5 billion was provided to fund the takeoff of the student loans board, as well as N8 billion for the take-off grant of new ministries.
The minister noted that the sum of N200 billion was set aside as capital supplementation to deal with urgent requests that were made to Mr President from various parts of the country.