The Tinubu-led Federal Government has approved a supplementary budget of N2.18tn for the 2023 fiscal year. The budget will be used to fund additional spending in defence, works, and welfare packages.
This was disclosed by the Minister of Budget and Economic Planning, Abubakar Bagudu, after the Federal Executive Council meeting on Monday.
Bagudu said the budget is to “fund urgent issues including national defence and security.”
He said N605bn is for national defence and security, N300bn is for repairing bridges, N210bn is for the payment of wage awards, N400bn is for cash transfer payments, N200bn is for seed, agricultural input, supplies and agricultural implements and infrastructure, N100bn is for the Federal Capital Territory for urgent and immediate capital expenditure infrastructure works, N18bn is for the Independent National Electoral Commission for the conduct of the Bayelsa, Kogi and Imo elections, N5.5bn is for the funding of the take-off of the student loans board, N8bn is for the take-off grant of new ministries, and N200bn is for capital supplementation to deal with urgent requests made to the President from various parts of the country.