JUST IN: FG PROPOSES N2.2 TRILLION SUPPLEMENTARY BUDGET
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A N2.18 trillion supplemental budget was approved by the Federal Government on Monday for the 2023 fiscal year. This budget would cover increased spending on defence, construction, and social programmes, including pay awards and conditional cash transfers that were arranged with the organised labour
At the conclusion of this week’s Federal Executive Council meeting at the Aso Villa, Minister of Budget and Economic Planning Abubakar Bagudu revealed the information to the State House media, stating that the budget is to “fund urgent issues, including national defence and security.”
Bagudu said, “N605bn for national defence and security 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 a 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 N210bn was 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.
“Also, N400bn 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 N100bn is for.”
In order to promote the expansion of production, the council also allocated N200 billion for infrastructure, supplies, agricultural inputs, and agricultural implements. Additionally, N100 billion was approved for the Federal Capital Territory to fund urgently needed capital expenditures related to infrastructure.
Similarly, N18 billion was given to the Independent National Electoral Commission to run the elections in Bayelsa, Kogi, and Imo; N5.5 billion was given to finance the establishment of the Student Loans Board, which will start disbursing loans in January 2024.
Along with N8 billion for the launch grant of new ministries, the supplemental budget also includes N200 billion for capital supplementation to address urgent demands from around the nation that the president has received.
Details later….
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