President Bola Tinubu has presented the 2023 Supplementary Budget of N2.1 trillion to the National Assembly.
“In addition, defence has become critical to provide for peace and secure lives and property without which the economic agenda of the administration cannot be achieved.
“Similarly, critical investments are also required to construct infrastructure particularly roads to commence within the dry seasons we are now in.”
NAN reports that the Federal Executive Council (FEC) on Monday approved N2.17 trillion as the second supplementary budget for this year 2023.
Atiku Bagudu, the Minister of Budget and Economic Planning, told newsmen after the council meeting, which was presided over by President Tinubu at the State House, Abuja.
Bagudu explained that out of the proposed amount, N605 billion would be expended on national defence and security, while about N300 billion would be earmarked for the maintenance of bridges.
The minister also dsaid that N210 billion would go for the payment of wage awards to civil servants and N400 billion for cash transfers to vulnerable households.
He also announced that N100 billion provision was made in the budget proposals as infrastructure support for the Federal Capital Territory (FCT), and another N800 billion for the Independent National Electoral Commission (INEC) to conduct the off-season governnorship elections in Bayelsa, Imo and Kogi states.
Another provision of N8 billion was included in the supplementary budget for the take-off of the newly created ministeries such as Ministry of Marine and Blue Economy, according to Bagudu.
“The council considered a request for supplementary appropriation which is a second for 2023 and guide graciously approve the sum of N2,176,791,286,033 as supplementary budget and this supplementary budget is to fund urgent issues including N605 billion for national defense and security,” Bagudu said.
“This is to sustain the gains made in security and to accelerate and these are funds that are needed by the security agencies before the year runs out. Equally as sum of N300 billion was provided to repair bridges including Eko and Third Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.