FEC Approves N2.17trillion Second Supplementary Budget For 2023

The Federal Executive Council (FEC) has approved N2.17 trillion as the second supplementary budget for this year 2023.

Atiku Bagudu, the Minister of Budget and Economic Planning, revealed this to journalists on Monday, after the council meeting presided over by President Bola Tinubu

Bagudu explained that out of the proposed amount, N605 billion would be expended on national defence and security, while about N300 billion would be earmarked for the maintenance of bridges.

The minister also disclosed that N210 billion would go for the payment of wage awards to civil servants and N400 billion for cash transfers to vulnerable households.

He 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 ministries such as the Ministry of Marine and Blue Economy, according to Bagudu.

“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,” Bagudu said.

“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 N300 billion 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 N200 billion was provisioned for seed, agricultural input, supplies and agricultural implements and infrastructure in order to support expansion of production. 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 and that amounts from 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 $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. 

“Equally, N100 billion 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 N18 billion was provided for the Independent National Electoral Commission to support them in the conduct in the Bayelsa, Kogi and Imo elections. 

“Yes, some N5.5 billion naira was provided for the funding of the takeoff of the student loans board as well as N8 billion for the take-off grant of new ministries. 

“Equally as sum of N200 billion was provided as capital supplementation to deal with urgent requests that have been made to Mr president from various parts of the country.”