FEC Approves N2.18tr 2023 Supplementary Budget - Get the Facts!
The Federal Executive Council (FEC) has approved the proposed N2.18 trillion Supplementary Budget for the 2023 fiscal year. This is to support ongoing projects and programmes of the government related to infrastructure development and economic revival. It also includes additional funding for health, education, defence, and security initiatives. The Minister of Budge, Zainab Ahmed, reported that the additional funds will help strengthen the recovery of the economy and support the growth of the Nigerian economy. The Minister cautioned that implementation of the budget will be monitored closely to ensure that it is spent efficiently and effectively.
The Federal Executive Council (FEC) has approved a sum of N2,176,791,286,033 for the second supplementary appropriation of 2023.
Atiku Bagudu, the Minister of Budget and Economic Planning, made this announcement during a briefing with State House reporters after a meeting of the federal cabinet presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa in Abuja.
Bagudu stated that the draft supplementary budget will be sent to the National Assembly for approval and will be used to address urgent issues, including allocating N605 billion for national defense and security. He emphasized that these funds are necessary to sustain the progress made in the security sector before the end of the year.
Additionally, N300 billion has been allocated for the repair of bridges, including the Eko and Third Mainland bridges, as well as for the construction, rehabilitation, and maintenance of roads across the country ahead of the rainy season. Another N200 billion has been earmarked for agricultural purposes, including supplying seeds, agricultural inputs, implements, and infrastructure to support production expansion.
Furthermore, N210 billion has been set aside for the payment of six months' provisional wage award to federal government employees, in accordance with negotiations with the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC). Bagudu recalled that the federal government had agreed to pay N35,000 each to approximately 1.5 million federal government workers, covering the months of September, October, November, and December 2023.
The FEC also approved N400 billion for cash transfer payments. Bagudu explained that the federal government had obtained an $800 million loan from the World Bank to provide cash transfers of N25,000 to 15 million households. The $800 million will cover transfers for October and November, while the additional month will be funded by the federal government through the allocation of N100 billion.
Lastly, N100 billion has been allocated to the Federal Capital Territory (FCT) to support immediate capital expenditure projects that will enhance infrastructure in the city.
