Modupe Gbadeyanka
By Modupe Gbadeyanka
A supplementary budget of N2.17 trillion was on Monday approved by the Federal Executive Council (FEC) for 2023.
The Minister of Budget and Economic Planning, Mr Atiku Buguda, disclosed this after the FEC meeting held yesterday in Abuja presided over by President Bola Tinubu.
Addressing newsmen at the State House after the gathering held at the Presidential Villa, the Minister noted that the N2.17 trillion supplementary budget would be used for urgent national issues, including N605 billion for security and national defence as well as N200 billion for the supply of agricultural production, and N5.5 billion for the student loan initiative expected to fully commence next January.
Mr Buguda further informed journalists that the sum of N210 billion has been earmarked for wage awards recently approved for Nigerian workers covering the period from September to December, N400 billion would be used for cash transfers to vulnerable and poor Nigerians for the period October and November, and N200 billion for capital supplementation.
He also stated that N100 billion has been budgeted for the Federal Capital Territory (FCT), and N18 billion has been approved for the prosecution of next month’s governorship elections in Bayelsa, Imo and Kogi States by the Independent National Electoral Commission (INEC).
