In a significant move to address pressing national concerns, Nigeria’s Federal Government has announced a N2.18 trillion supplementary budget for the 2023 fiscal year. The budget, which was approved during a recent Federal Executive Council meeting at the Aso Villa, encompasses various critical areas, including defense, infrastructure, and welfare programs. This supplementary budget reflects the government’s commitment to improving national security, infrastructure development, and the welfare of its citizens.
Minister of Budget and Economic Planning, Abubakar Bagudu, highlighted the key allocations within this supplementary budget:
1. Strengthening National Defense and Security (N605 billion): This substantial allocation aims to sustain the progress made in enhancing national security. The funds are essential for the security agencies to continue their operations effectively, ensuring the safety and well-being of the citizens.
2. Infrastructure Rehabilitation (N300 billion): A significant portion of the budget is dedicated to repairing and maintaining critical infrastructure, including bridges like Eko and Third Mainland Bridges, as well as the construction, rehabilitation, and maintenance of numerous roads across the country. These efforts will bolster transportation networks and boost economic development.
3. Wage Awards (N210 billion): The Federal Government has committed to honoring wage awards negotiated with the Nigeria Labour Congress. Approximately 1.5 million federal employees will receive N35,000 each for the months of September, October, November, and December 2023. This demonstrates the government’s dedication to improving the living standards of its workforce.
4. Cash Transfer Payments (N400 billion): The supplementary budget includes a provision for cash transfer payments to support vulnerable households. The Federal Government had previously secured an $800 million loan from the World Bank to provide N25,000 to 15 million households for two months (October and November). Additionally, the President approved an extra month of funding, which is covered by the N100 billion allocation.
5. Agricultural Support (N200 billion): To bolster agricultural production, the budget sets aside N200 billion for seed, agricultural inputs, supplies, and agricultural infrastructure. This investment will help expand production, boost the agricultural sector, and contribute to food security.
6. Capital Expenditure in the Federal Capital Territory (N100 billion): Urgent and immediate capital expenditure for infrastructure works in the Federal Capital Territory will receive N100 billion, supporting development and enhancing the quality of life in the nation’s capital.
This supplementary budget reflects the government’s commitment to addressing pressing issues and promoting the well-being of its citizens. It encompasses vital sectors, from security and infrastructure to welfare and agriculture, and signals the government’s dedication to delivering on its promises.
Source: Punch NG
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