FEC Approves N2trn Supplementary Budget, Prioritizing National Security

Monday’s Federal Executive Council (FEC) meeting presided over by President Bola Tinubu approved a supplementary budget of over N2 trillion, with an emphasis on funding national security.

During the weekly meeting, Abubakar Bagudu, Minister of Budget and Economic Planning, conveyed the council’s decision to State House Correspondents.

READ ALSO: Nigerian Govt Unveils N26trn 2024 Budget Plan

“The council considered a request for supplementary appropriation which is a second for 2023, and approved the sum of N2,176,791,286,033, as supplementary budget, with N605 billion designated for national defense and security,”Bagudu announced.

“These funds are crucial to maintain security gains and accelerate efforts before year-end,” he added.

However, the supplementary budget goes beyond bolstering security. It allocates N300 billion for the rehabilitation of Eko and Third Mainland bridges and the enhancement of road infrastructure nationwide in preparation for the rainy season.

Additionally, N200 billion will support agricultural expansion through seed, input supplies, and infrastructure. Moreover, the FEC granted N210 billion for wage awards in negotiations with the Nigeria Labour Congress.

The Federal Government has also approved N400 billion for Cash Transfer payments, N5.5 billion to fund the takeover of the student loans board, and N8 billion as take-off grants for new ministries. Furthermore, N200 billion is earmarked as capital supplementation for addressing urgent requests from various regions across the country.

This supplementary budget, if approved by the National Assembly, will raise the nation’s total budget to nearly N28 trillion, signaling a comprehensive effort to address pressing national issues while emphasizing security, infrastructure, and economic support.