President Bola Tinubu has written to the House of Representatives, seeking the approval of ₦2.1 trillion, as the 2023 supplementary budget.
According to Channels Television, the President also sent the 2024-2026 Medium Term Expenditure Framework & Fiscal Strategy Paper to the House of Representatives for approval.
On Monday, the Federal Executive Council (FEC) approved the 2023 supplementary budget of ₦2.1 trillion to address labour wage adjustments, security and more.
Urgent Issues
While speaking after the FEC meeting in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, said the budget was to fund the urgent issues listed above.
Of the amount ₦605 billion would go to national defence and security to sustain the gains made in security.
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He noted that these were funds that the security agencies needed before the year ran out.
Allocations
Bagudu stated that there would be allocations to maintain previous progress on agriculture.
Also, he told reporters that the budget would cover four months of wage awards for Federal Government workers and student loan funds.
The minister said: “Out of the amount for the supplementary budget, the Federal Government approved ₦18 billion for the Independent National Electoral Commission (INEC)”.
Basically, the said amount is meant for the conduct of the Bayelsa, Imo, and Kogi State off-cycle elections in November.
