The Federal Executive Council (FEC), on Monday approved about N2.2trillion supplementary budget to fund urgent national issues including N605 billion for national defence and security.
The Minister of Budget and Economic Planning, Abubakar Bagudu, made this known while briefing State House Correspondents at the end of the FEC meeting in Abuja.
“The Council considered a request for supplementary appropriation which is a second for 2023, and graciously approved the sum of N2,176,791,286,033, as supplementary budget and this supplementary budget is to fund urgent issues including N605billion for national defence and security.
“This is to sustain the gains made in security and these are funds that are needed by the security agencies before the year runs out.”
Mr Bagudu also said that FEC approved N300billion for the repair of Eko and Third Mainland bridges as well as the construction, rehabilitation, and maintenance of many roads nationwide before the return of the rainy season.
Similarly, he said Council approved N200billion for the provision of seed, agricultural input, supplies and agricultural implements and infrastructure to support expansion of production.
“Equally the sum of N210billion is provided for the payment of wage awards. In negotiation with the Nigeria Labour Congress.
“And that amounts to about N210billion which has been approved, and also N400billion as cash transfer payments.”
The Council considered a request for supplementary appropriation which is a second for 2023, and graciously approved the sum of N2,176,791,286,033, as supplementary budget and this supplementary budget is to fund urgent issues including N605billion for national defence and security.
He recalled that the federal government had secured an $800 million loan from the World Bank to pay cash transfers of N25,000 to 15 million households.
According to him, the $800million is for October and November.
“The President graciously approved that an additional month should be funded by the federal government and that is what this N100billion is for.
“Equally, N100billion 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.”
“Also, N18billion was provided for the Independent National Electoral Commission to support them in the conducting the Bayelsa, Kogi and Imo states elections.”
The minister stated that N5.5billion was also provided for the funding of the takeover of the student loans board, and N8 billion for the take-off grant of new ministries.
“Equally the sum of N200billion was provided as capital supplementation to deal with urgent requests that have been made to President Bola Tinubu from various parts of the country.” (NAN)