The Federal Executive Council has given its approval for a supplementary budget of N2.1 trillion for the year 2023. Atiku Bagudu, the Minister of Budget and Economic Planning, made this announcement while addressing State House Correspondents at the conclusion of Monday’s cabinet meeting, chaired by President Bola Ahmed Tinubu.
Bagudu explained that the major components of the supplementary budget are focused on security and the payment of wage awards to workers in the public sector.
The Minister stated, “Today, the council reviewed a request for supplementary appropriation, which marks the second for 2023, and graciously approved the sum of N2,176,791,286.33 as a supplementary budget. This allocation is intended to address urgent matters, including N605 billion for national defence and security to sustain the progress made in enhancing security. These funds are necessary for the military and other security agencies throughout the year 2023.”
Additionally, Bagudu shared, “The amount of N300 billion has been allocated for the repair and maintenance of critical bridges, such as the Eko and Third Mainland bridges, as well as for the construction, rehabilitation, and maintenance of various roads across the country before the onset of the rainy season. Furthermore, a sum of N200 billion has been designated for the provision of seeds, agricultural inputs, implements, and infrastructure to support the expansion of food production.”
Regarding wage awards, the Minister clarified, “An amount of N210 billion has been allocated in the supplementary budget for the payment of wage awards to workers. As part of negotiations with the Nigeria Labour Congress, the government has agreed to disburse N35,000 to approximately 1.5 million employees for September, October, November, and December 2023. These payments have been incorporated into the supplementary budget.”
The Minister confirmed that the 2024 budget has already included the wage awards for next year. In addition, the auxiliary budget has assigned a sum of N400 billion for cash transfer payments.
Explaining further, Bagudu stated, “It is important to note that the Nigerian government secured an $800 million loan from the World Bank for the purpose of providing cash transfers of N25,000 to 15 million households. The $800 million covers the months of October and November 2023. Furthermore, the President has graciously approved funding for an additional month, which is what the N400 billion allocation will be utilized for.”
Bagudu also mentioned that N100 billion has been set aside in the supplementary budget to support the capital expenditure projects of the Federal Capital Territory. Furthermore, newly established Ministries have received eight billion for their smooth takeoff, and the Independent National Electoral Commission has been allocated N18 billion for conducting off-season elections in Kogi, Bayelsa, and Imo States next month.
The supplementary budget will be promptly forwarded to the National Assembly for expedited approval. This will ensure that the urgent needs of the government, particularly the payment of wage awards that workers have anxiously awaited, are addressed without delay.
