News: Nigerian government approves ₦2.1 trillion supplementary budget for 2023

Nigerian government approves ₦2.1 trillion supplementary budget for 2023

 The Nigerian government has approved a supplementary budget of ₦2.17 trillion for the year 2023. Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, made this announcement following a Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja.

The supplementary budget includes various allocations to address critical national concerns, with a significant portion of ₦605 billion dedicated to enhancing national defense and security. Additionally, ₦210 billion is allocated for the payment of wage awards, negotiated with the Nigeria Labour Congress, which will provide N35,000 each to approximately 1.5 million federal government employees for the months of September, October, November, and December.

The budget also earmarks ₦400 billion for cash transfers to support vulnerable and economically disadvantaged Nigerians during October and November. Furthermore, ₦100 billion is allocated to the Federal Capital Territory (FCT), and ₦18 billion is designated for the Independent National Electoral Commission (INEC) to support the November 2023 governorship elections in Kogi, Imo, and Bayelsa states.

An amount of ₦5.5 billion is allocated for student loans, and an additional ₦200 billion is dedicated to capital supplementation.

In a separate development, Dave Umahi, the Minister of Works, announced that the Council has approved the first phase of the proposed coastal road, which will extend from Lagos to Calabar in Cross Rivers State.