February 28, 2024
FEC Approves N2.18tr 2023 Supplementary Budget
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FEC Approves N2.18tr 2023 Supplementary Budget

The Federal Executive Council (FEC) has approved the sum of N2.176 Trillion for the second 2023 supplementary appropriation.

Briefing State House reporters after the Federal Cabinet meeting, Atiku Bagudu, the Minister of Budget and Economic Planning said the draft supplementary budget to be sent to the National Assembly for approval would be used to finance urgent issues including N605 billion for national defense and security.

Minister Bagudu said the sum of N300bn was also 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.

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The minister also said the sum of N200bn was budgeted for seed, agricultural input, supplies, agricultural implements and infrastructure in order to support expansion of production.

Speaking further, the minister added that the sum of N210 billion was provided for the payment of six months’ provisional wage award as agreed during the negotiation with the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC).

He recalled that the Federal Government agreed to pay N35,000 each to about 1.5 million employees of the federal government, covering the period of September, October, November and December 2023, while N400bn was also approved as cash transfer payments.

    • 4 months ago

    […] READ ALSO: FEC Approves N2.18tr 2023 Supplementary Budget […]

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