Nigerian Govt Proposed N2.2tn Supplementary Budget
The Federal Government has approved a N2.18tn supplementary budget for the 2023 fiscal year.
The Minister of Budget and Economic Planning, Abubakar Bagudu, unveiled the details to State House correspondents at the end of this week’s Federal Executive Council meeting at the Aso Villa.
He said the budget is to “fund urgent issues including national defence and security.”
This budget will cover additional spending in defence, works as well as welfare packages such as wage awards and conditional cash transfers agreed with the Organised Labour.
READ ALSO: Food Prices In Nigeria Rose To 26.76% In September
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.”
The council also approved N200bn for seed, agricultural input, supplies and agricultural implements and infrastructure to support the expansion of production while N100bn was okayed for the Federal Capital Territory for urgent and immediate capital expenditure infrastructure works.
