The budget also includes four months salary payment of federal government employees and student loan fund.
The Federal Executive Council (FEC) has approved the 2023 supplementary budget of N2.1 trillion. Speaking after the FEC meeting held on Monday in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, said the budget should fund urgent issues.
“The board has considered the request for additional funding, and this is the second time for 2023,” he told the State House of Assembly in Abuja. “And you have kindly accepted the sum of N2,176,791,286,033 as supplementary budget. This supplementary budget is intended to fund urgent matters including his N605 billion for national defense and security.
” ``This is to maintain and accelerate the security gains achieved. These are the resources that security authorities will need by the end of the year.'' He said that in the areas of national security and agriculture. Allocations will be made to maintain the progress made so far.
The budget also includes four months of federal employee salaries and a student loan fund. “Similarly, a total of N210 billion will be earmarked for the payment of wage insurance premiums. “We are in negotiations with the Nigeria Labor Congress,” Bagudu added. “The Federal Government has agreed to pay approximately 1.5 million Federal Government employees N35,000 each for September, October, November and December 2023.
“And this is approximately 210 billion naira approved and another 400 billion naira as cash transfers.'' ``Federal government secures $800 million loan from World Bank to provide cash transfers of 25,000 naira to 15 million households.
You may remember that $800 million was allocated for two months, October and November. We agree and this 100 billion naira has been allocated for that purpose.'' According to him, the federal government has allocated 18 billion naira out of the supplementary budget amount to the federal government budget.
The Independent National Electoral Commission (INEC) has approved the holding of off-cycle elections in Bayelsa, Imo and Kogi states next month. “The Independent National Electoral Commission has been allocated N18 billion to support the conduct of elections in Bayelsa, Kogi and Imo,” he noted.
``Yes, about 5.5 billion naira was allocated as start-up fund for the Student Loan Commission and 8 billion naira was allocated as start-up grant for new ministries. 200 billion Naira has been made available as capital replenishment to meet the urgent requests received.”
Post a Comment