FEC approves ₦2.17trn supplementary budget for 2023

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The Federal Executive Council (FEC), has approved a supplementary budget of ₦2.17 trillion for 2023.

Atiku Bagudu, Minister of Budget and Economic Planning disclosed this on Monday while briefing the State House Journalists after the weekly FEC meeting presided over by President Bola Tinubu, at the Presidential Villa, Abuja

He revealed that the N2.17 trillion supplementary budget will be used to fund urgent national issues, including N605b for security and national defence to sustain gains of security.

Others include ₦200 billion for the supply of agricultural production, N210b for wage awards recently approved for Nigerian workers covering the period from September to December, and N400b of the fund is set aside for cash transfer to vulnerable and poor Nigerians for the period October and November.

He announced that ₦100 billion would go to the Federal Capital Territory, (FCT ). In comparison, ₦18 billion is set aside for the Independent National Electoral Commission ( INEC ), for the November 2023 governorship elections in Kogi, Imo and Bayelsa states.

The sum of N5.5b is set aside for student loans, while another N200b is for capital supplementation

Dave Umahi, the Minister of Work also announced that the Council granted approvals for the first phase of the proposed coastal road from Lagos to Calabar, Cross Rivers State.