On Monday, the Federal Executive Council (FEC) gave its approval to a supplementary budget of ₦2.17 trillion for the year 2023.
This was revealed by Senator Abubakar Bagudu, the Minister of Budget and Economic Planning during a briefing with State House Correspondents following the FEC meeting presided over by President Bola Tinubu, at the Presidential Villa, Abuja.
"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 said.
He further explained that the ₦2.17 trillion supplementary budget was allocated to address critical national concerns including ₦605 billion designated for enhancing security and national defense.
"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," he stated.
Also, ₦400 billion of the funds was earmarked for cash transfers to support vulnerable and economically disadvantaged Nigerians during October and November.
The minister stated that ₦100 billion was allocated to the Federal Capital Territory (FCT), and ₦18 billion is earmarked for the Independent National Electoral Commission (INEC) to support the November 2023 governorship elections in Kogi, Imo, and Bayelsa states.
A sum of ₦5.5 billion was also for student loans, while an additional ₦200 billion was dedicated to capital supplementation.
Dave Umahi, who serves as the Minister of Works, also announced that the Council has granted approvals for the first phase of the proposed coastal road, which will extend from Lagos to Calabar in Cross Rivers State.
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