FEC Approves N2Trillion Supplementary Budget to Address Diverse National Priorities

The Federal Executive Council (FEC) sanctioned a supplementary budget of over N2.17 trillion to be submitted to the National Assembly.

This approval, made during the weekly meeting presided over by President Bola Tinubu, is part of the 2024 budget proposal, totaling N26 trillion, which is set for submission before December 31.

Atiku Bagudu, the Minister of Budget and Economic Planning, confirmed the council’s endorsement of the 2024-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP) at the recent FEC session in Abuja.

Upon the National Assembly’s approval, the nation’s budget will increase to N28.17 trillion, allocating N605 billion for security and national defense, N200 billion for agricultural production, N210 billion for federal government workers’ wage awards from September to December, and N400 billion for cash transfers to the vulnerable and poor between October and November.

Bagudu mentioned the agreement with the Nigeria Labour Congress to pay N35,000 each to about 1.5 million federal employees from September to December 2023. Additionally, the government secured an $800 million loan from the World Bank for cash transfers to 15 million households over two months.

The supplementary budget also designates N100 billion for the Federal Capital Territory (FCT), N18 billion for the Independent National Electoral Commission (INEC) to conduct governorship elections, N5.5 billion for student loans, and N200 billion for capital supplementation.”