The Federal Executive Council ( FEC), presided over by President Bola Tinubu, on Monday, approved a supplementary budget of N2.17 trillion for 2023.
Minister of Budget and Economic Planning, Atiku Bagudu, made the disclosure to State House Correspondents after the weekly FEC meeting held at the council’s chamber, at the Presidential Villa, Abuja
He explained that the N2.7 trillion supplementary budget would be used to fund urgent national issues, including a N605 billion for security and national defence to sustain gains of security.
Others include N200 billion for supply of agricultural production, N210 billion for wage awards recently approved for federal government workers covering the period from September to December, N400 billion of the fund is set aside for cash transfer to vulnerable and poor Nigerians for the period October and November.
Bagudu also disclosed that the sum of N100 billion would go to the Federal Capital Territory, (FCT ), while N18 billion was set aside for the Independent National Electoral Commission ( INEC ), for the November, 2023 governorship elections in Kogi, Imo and Bayelsa states.
The sum of N5.5 billion, he said, was set aside for students loans, while another N200 billion was 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.
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