FEC approves N2.1 trillion as 2023 supplementary budget

The Federal Executive Council (FEC) has approved a 2023 supplementary budget of N2.1 trillion.

This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, after the council meeting presided over by President Bola Tinubu at the State House, Abuja, on Monday, October 30.

According to him, “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.

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 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…(continue reading from next slide.)