The Federal Government of Nigeria has officially approved a supplementary budget of N2.18 trillion for the fiscal year 2023. This substantial allocation is aimed at addressing critical financial requirements in several key sectors, including defense, infrastructure, and social welfare initiatives.
The Minister of Budget and Economic Planning, Abubakar Bagudu, unveiled the comprehensive details of this supplementary budget during a press briefing held at the State House following this week’s Federal Executive Council meeting at the Aso Villa.
Minister Bagudu underscored the crucial objectives of the supplementary budget, emphasizing that it is primarily designed to support urgent national priorities, notably in the areas of defense and security. A substantial portion of N605 billion has been allocated to sustain the progress achieved in national defense and security, ensuring that security agencies have the necessary resources to address pressing issues before the end of the year.
Furthermore, a significant sum of N300 billion has been earmarked for the repair and maintenance of key bridges, including the Eko and Third Mainland Bridges, as well as the construction, rehabilitation, and upkeep of various roads across the nation. These investments are intended to bolster infrastructure resilience, particularly in preparation for the upcoming rainy season.
The supplementary budget also includes an allocation of N210 billion for the disbursement of wage awards. Following negotiations with the Nigeria Labour Congress, the Federal Government has committed to providing N35,000 each to approximately 1.5 million federal employees. This financial support will cover the months of September, October, November, and December in 2023.
In addition to these provisions, N400 billion has been allocated for cash transfer payments. The Federal Government recently secured an $800 million loan from the World Bank to facilitate cash transfers of N25,000 to 15 million households. This substantial funding is earmarked for October and November, and the President has generously authorized an extra month, funded by the federal government, amounting to N100 billion.
The supplementary budget also addresses crucial areas such as agriculture, with N200 billion allocated for seed, agricultural inputs, supplies, and agricultural infrastructure to enhance production and support the sector’s growth. Another N100 billion has been allocated to the Federal Capital Territory for immediate capital expenditure infrastructure projects.
Furthermore, N18 billion has been set aside to enable the Independent National Electoral Commission (INEC) to conduct elections in Bayelsa, Kogi, and Imo. N5.5 billion has been allocated to initiate the student loans board, commencing loan disbursements in January 2024.
Other important components of the supplementary budget include N8 billion as a take-off grant for new ministries and N200 billion for capital supplementation to address pressing requests received by the President from various regions of the country.
These critical financial allocations reflect the government’s commitment to addressing immediate national needs and priorities, further enhancing security, infrastructure, and social welfare programs, and stimulating economic growth.
Stay tuned for more detailed updates as this supplementary budget unfolds
