Sunday, May 19, 2024

Cabinet Okays N2.1Tn Supplementary Budget For 2023

The Federal Executive Council has okayed the sum of N2.1 trillion as supplementary budget for the year 2023.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House Correspondents at the end of Monday’s cabinet meeting chaired by President Bola Ahmed Tinubu.

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bagudu said the main items on the supplementary budget are issues of security and the payment of wage awards to workers in the public sector.

He said: “Today, the council considered a request for supplementary appropriation, which is the second for 2023 and graciously approved the sum of N2, 176, 791, 286. 33 as a supplementary budget and this is to fund urgent issues including N605 billion for national defence and security to sustain the gains made in security, as these are funds needed by the military and other security agencies for the year 2023.

“Equally, the sum of N300 billion was provided to repair bridges including Eko and 3rd Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season. Equally, the sum of N200 billion was provided for seed and agricultural input supplies as well as agricultural implements and infrastructure to support the expansion of food production.

“The sum of N210 billion is also provided for in the supplementary budget for the payment of wage awards to workers. While negotiating with the Nigeria Labour Congress, the Nigerian government agreed to pay N35,000 each to about 1.5 million employees and that amount for September, October, November and December 2023 is what has been captured in the supplementary budget.”

Giving clarification on the wage award, the Minister said the component of the wage award for the year 2024 has also been captured in the 2024 budget.

The Budget Minister further disclosed that N400 has also been provided for in the auxiliary budget for cash transfer payment.

“You may recall that the Nigerian government secured a $800 million loan from the World Bank to pay cash transfers of N25, 000 each to 15 million households. The $800 million is for two months of October and November, 2023 and the President has graciously approved that an additional month be funded by the government and that is what this N400 billion is for,” he explained.

Bagudu revealed that N100 billion was provided for in the extra budget as support to the Federal Capital Territory in order to enable the territory to execute urgent or immediate capital expenditure works.

He added that N5.5 billion was also okayed for the take-off of the Students Loan Board adding that newly established Ministries also got eight billion for their own take-off.

He also said N18 billion has been provided for the nation’s Independent National Electoral Commission for the smooth conduct of the off-season elections in Kogi, Bayelsa and Imo States next month.

The supplementary budget is expected to be forwarded to the National Assembly without delay, for speedy approval, in order to address the urgent needs of government, especially the payment of wage awards, which workers have since been anticipating.

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