The federal government has approved a supplementary budget totaling N2.1 trillion.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Monday after the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa.
Bagudu explained, “We submitted a supplementary budget, and the council considered a request for an appropriation of 2 trillion, 176 billion, 791 million, and 286 thousand as a supplementary budget.”
According to him, the supplementary budget is intended to address pressing issues, including allocating 605 billion for defense and security to maintain previous progress.
Additionally, he said 300 billion was earmarked for bridge repairs, construction, and rehabilitation, while 200 billion was designated as a seed fund for agriculture.
He added that a further 210 billion was provided for wage awards in ongoing negotiations, covering the period from September to December 2023.
Furthermore, Bagudu stated that 400 billion was reserved for cash transfer payments, highlighting that the federal government had secured $800 billion from the World Bank for a two-month period, as approved by the President for inclusion in the budget.
The Minister noted that an amount of 100 billion was approved to support the Federal Capital Territory (FCT), for urgent and immediate capital projects while 18 billion was allocated to the Independent National Electoral Commission (INEC) to facilitate the conduct of elections in Bayelsa and Imo states.
He said an additional 5.5 billion was designated for funding the launch of student loans, and 800 billion was allocated for the establishment of a new ministry.
Bagudu revealed that the council granted approval to increase the domestic borrowing ceiling.
He emphasized that they have submitted the Medium-Term Expenditure Framework (MTEF) to the National Assembly, and the government is maintaining the January to December budget cycle.
He also stressed that the budgeting process is benefiting from the experience and collaboration between the National Assembly and the executive branch.
While the six-month wage award to labour remains unchanged, he said any necessary adjustments will be included in the supplementary budget for the current year.
