FEC approves N2trn supplementary budget

The federal executive council (FEC) has approved the submission of a supplementary budget of over N2.17 trillion to the national assembly.

The council gave the approval on Monday at its weekly meeting presided over by President Bola Tinubu.

At its last meeting, FEC had proposed the sum of N26 trillion for the 2024 budget, which will be submitted to the national assembly before December 31.

Atiku Bagudu, minister of budget and economic planning, said the council had approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP) at the FEC meeting held last Monday in Abuja.

The national assembly’s approval of the supplementary budget will increase the country’s total budget to N28.17 trillion.

Speaking to State House correspondents on Monday, Bagudu said the supplementary budget breakdown includes; N605 billion to be allocated to security and national defence to improve security; and N200 billion for supply of agricultural production.

Also, N210 billion has been earmarked for federal government workers for the approved wage awards meant to cover September to December and N400 billion has been budgeted for cash transfer to vulnerable and poor Nigerians between October and November.

Bagudu said: “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 amounts from September, October, November and December 2023.”

Commenting on the cash transfer, Bagudu said the federal government secured “$800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months, October and November”.

Upon approval, the federal capital territory (FCT ) will receive N100 billion and N18 billion will be allocated to the Independent National Electoral Commission (INEC) to conduct the governorship elections in Kogi, Imo and Bayelsa states in November.

The supplementary budget includes N5.5 billion for student loans and N200 billion set aside for capital supplementation.