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Economy: Why FEC okays fresh N2.2trn 2023 Supplementary Budget -Minister

FEC Members in a Meeting in the State House, Abuja, FCT

*Atiku Bagudu, Minister for Budget and Economic Planning, clarifies the Federal Executive Council has approved the sum of N2,176,791,286,033 as second supplementary budget in 2023, to fund some pressing issues in the Nigerian economy

Alexander Davis | ConsumerConnect

The Federal Executive Council (FEC) has approved a 2023 supplementary budget of N2.2 trillion.

Atiku Bagudu, Honourable Minister for Budget and Economic Planning, who disclosed this development when speaking after the FEC meeting held Monday, October 31, 2023, at the Presidential Villa, in Abuja, FCT, said the supplementary appropriation is to address urgent issues.

Bagudu said: “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 N605 billion for national defence and security.”

He also explained: “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.”

According to him, there will be allocations to maintain previous progress on national security and agriculture.

Besides, the supplementary budget will also cover four months of wage awards for Federal Government workers and student loan funds, said he.

The Minister noted: “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 for September, October, November, and December 2023.”

The Federal Government as well said: “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 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 N100 billion is for.”

According to him, out of the amount for the supplementary budget, the Federal Government approved N18 billion for the Independent National Electoral Commission (INEC) for the conduct of the Bayelsa, Imo, and Kogi State off-cycle elections next month.”

Bagudu stated: “Equally N18 billion was provided for the Independent National Electoral Commission to support them in the conduct of 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, a 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.”

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