- Bagudu also said that FEC approved N300 billion for the repair of Eko and Third Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.
- The minister stated that N5.5 billion was also provided for the funding of the take-off of the Student Loans Board and N8 billion for the take-off grant of new ministries.
The N2.1 trillion Supplementary Budget for 2023 has been approved by the Federal Executive Council (FEC), marking the second one this year.
This was revealed to journalists on Monday, October 30, following the council meeting held at the State House in Abuja this week, which was chaired by President Bola Tinubu. Atiku Bagudu is the Minister of Budget and Economic Planning.
He clarified that of the projected sum, N605 billion would go towards national security and military and roughly N300 billion would go towards bridge upkeep.
Additionally, Bagudu revealed that N400 billion will be used to provide cash transfers to people in need and N210 billion would be used to pay civil officials’ wage awards.
The Minister also announced that N100 billion provision was made in the budget proposals as infrastructure support for the Federal Capital Territory (FCT), and another N800 billion for the Independent National Electoral Commission (INEC) to conduct the off season governnorship elections in Bayelsa, Imo and Kogi states.
Another provision of N8 billion was included in the supplementary budget for the take-off of the newly created ministeries such as Ministry of Marine and Blue Economy, according to Bagudu.
He said: “The council considered a request for supplementary appropriation which is a second for 2023 and guide graciously approve 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 defense 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. Equally as sum of N300bn was provided to repair bridges including Eko and Third Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.
“Equally the sum of N200bn was provisioned for seed, agricultural input, supplies and agricultural implements and infrastructure in order to support expansion of production. Equally the sum of N210bn 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 and that amounts from September, October, November and December 2023 and that amounts to about N210bn which has been approved and also N400bn as cash transfer payments.
“You may recall that the federal government secured $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 N100bn is for.
“Equally, N100bn has been provided for the Federal Capital Territory in order to support them in urgent and immediate capital expenditure works that can enhance the infrastructure in the city.
“Equally N18bn was provided for the Independent National Electoral Commission to support them in the conduct in the Bayelsa, Kogi and Imo elections.
Yes, some N5.5bn naira was provided for the funding of the takeoff of the student loans board as well as N8bn for the take-off grant of new ministries.
“Equally as sum of N200bn was provided as capital supplementation to deal with urgent requests that have been made to mr. president from various parts of the country.”
Details shortly…
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