During the recent Federal Executive Council meeting at the Aso Villa, Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed the approval of a supplementary budget of N2.18 trillion for the 2023 fiscal year.

    This budget is intended to address various urgent matters, including national defence and security, repair of bridges such as Eko and Third Mainland Bridges, and the construction, rehabilitation, and maintenance of roads across the country before the onset of the rainy season. The allocation includes N605 billion for national defence and security to sustain progress made in security and facilitate acceleration.

    Similarly, an allocation of N210 billion was designated for the disbursement of wage awards. In collaboration with the Nigeria Labour Congress, the Federal Government consented to remunerate approximately 1.5 million Federal Government workers with N35,000 each for the months spanning September through December 2023.

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    Furthermore, an allotment of N400 billion was earmarked for cash transfer payments. Previously, the Federal Government obtained an $800 million loan from the World Bank to provide cash transfers of N25,000 to 15 million households, covering the months of October and November. The President generously sanctioned the funding of an additional month by the federal government, which the allocated N100 billion is meant for.

    The federal government

    Additionally, the council sanctioned N200 billion for agricultural supplies, inputs, and infrastructure to bolster production expansion, while N100 billion was approved for the Federal Capital Territory to facilitate urgent and immediate capital infrastructure projects.

    Likewise, an allocation of N18 billion was designated for the Independent National Electoral Commission (INEC) to facilitate the organization of elections in Bayelsa, Kogi, and Imo. Furthermore, N5.5 billion was allotted for the initial funding of the student loans board, which will commence the disbursement of loans in January 2024.

    The supplementary budget also encompasses N8 billion as a start-up fund for new ministries, along with N200 billion as capital supplementation to address immediate requests presented to the President from various regions of the country.

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