FG Approves N2.18 Trillion Supplementary Budget for 2023

The Federal Government on Monday approved a N2.18tn supplementary budget for the 2023 fiscal year This budget allocation primarily addresses critical issues, particularly national defense and security, as well as the well-being of workers and the broader Nigerian populace. The Minister of the Budget and Economic Planning, Abubakar Bagudu, disclosed the details of the funding to State House Correspondents at the end of this week’s Federal Executive Council meeting President Bola Tinubu chaired at the Aso Rock Villa.

Bagudu revealed that a significant portion of the supplementary budget, totaling N605 billion, has been earmarked for national defense and security. This allocation is intended to sustain the progress achieved in enhancing security across the nation. The funds will be expediently provided to security agencies to bolster their efforts before the end of the year.

Bagudu said, “N605bn for national defense and security is to sustain the gains made in security. It will accelerate the gains in that sector as the funds will be made available to security agencies before the year runs out.

“Equally a sum of N300bn was provided to repair bridges, including Eko and Third Mainland bridges, as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.

“The sum of N210bn was provided for the payment of wage Awards. In negotiation with the Nigeria Labour Congress, the federal government agreed to pay N35, 000 each to about 1.5 million employees of the federal government and that covers September, October, November and December 2023.”

Also, an allocation of N300 billion has been designated for the repair and maintenance of vital infrastructure, including the iconic Eko and Third Mainland bridges. This funding will also contribute to the construction, rehabilitation, and upkeep of various roads nationwide, with a focus on completing these projects before the onset of the rainy season.

In a move aimed at supporting the nation’s workforce, N210 billion has been set aside to honor wage awards. Following negotiations with the Nigeria Labour Congress, the federal government has agreed to disburse N35,000 to approximately 1.5 million federal government employees. This payment covers the months of September, October, November, and December in 2023, ensuring that workers receive well-deserved financial support.

The approved supplementary budget reflects the government’s commitment to addressing immediate priorities, bolstering national security, maintaining essential infrastructure, and providing financial assistance to workers, reinforcing its dedication to the welfare of the Nigerian populace.

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