HomeBusinessFEC Greenlights N2.17trn 2023 Supplementary Budget

FEC Greenlights N2.17trn 2023 Supplementary Budget

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The Federal Executive Council (FEC) approved a N2.17 trillion supplementary budget for 2023. This was revealed by Atiku Bagudu, Minister of Budget and Economic Planning, after Monday’s council meeting in Abuja with President Bola Tinubu in charge.

Defense and security have been allocated N605 billion. Another N300 billion is dedicated to bridge maintenance, including the Eko and Third Mainland bridges, according to [a report by The Sun](#).

The budget also sets aside N210 billion for wage awards to civil servants. A sum of N400 billion will be disbursed as cash transfers to vulnerable households. The Federal Capital Territory (FCT) is slated to receive N100 billion for infrastructure development.

Additionally, the Independent National Electoral Commission (INEC) has been allocated N800 billion. This will facilitate gubernatorial elections in Bayelsa, Imo, and Kogi states. Moreover, N8 billion from the budget will initiate new ministries, including the Ministry of Marine and Blue Economy.

Following discussions with the Nigeria Labour Congress, the government will pay approximately 1.5 million federal employees N35,000 each, totaling N210 billion from September to December 2023.

The government also secured an $800 million loan from the World Bank to fund N25,000 cash transfers to 15 million households for two months. President Tinubu sanctioned an additional month’s allocation, covered by N100 billion.

Furthermore, N100 billion will enhance infrastructure in the Federal Capital Territory. The INEC will get N18 billion to support the Bayelsa, Kogi, and Imo elections. Lastly, N8 billion is allocated for the inauguration of new ministries.

This supplementary budget aims to address immediate national needs and bolster infrastructure.

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