FEC APPROVES SUPPLEMENTARY BUDGET OF OVER 2 TRILLION NAIRA 30-10-23
By Sadiq Aminu The Federal Executive Council, FEC, has approved a supplementary budget of over 2 trillion Naira to resolve some critical concerns.
The Minister of Budget and National Planning, Alhaji Abubakar Bagudu, told State House correspondents that the approval was propelled by the government’s urge to speed up its reform agenda.
Breaking down the concerns to be funded, the Minister of Budget and National Planning, Alhaji Abubakar Bagudu, said 605 billion Naira was for national defence and security.
He said the objective was aimed at sustaining the gains made in security, and to accelerate that, the funds would be needed before the end of the year.
He explained that out the amount, 300 billion Naira had been provided for the rehabilitation of bridges, including Eko and Third Mainland bridges, as well as the construction, rehabilitation, and maintenance of many roads nationwide before the return of the rainy season.
According to him, 200 billion Naira is for the provision of agricultural inputs, 210 billion Naira goes to wage awards to honour government’s agreement with the organised labour, and 400 billion Naira as cash transfer payments.
Similarly, 18 billion Naira goes to INEC for the conduct of the forthcoming governorship elections in Bayelsa, Kogi, and Imo States, 5.5 billion Naira is set aside for the funding of the takeover of the student loans board, and 8 billion Naira for the take-off grant of new ministries.
Alhaji Abubakar Bagudu also said 200 billion Naira had been approved for capital supplementation to deal with urgent requests made to President Tinubu from various parts of the country.
“You may recall that the federal government secured $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months, October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100bn is for. Equally, N100bn has been provided for the Federal Capital Territory in order to support them in urgent and immediate capital expenditure works that can enhance the infrastructure in the city”, he added.
FEC also gave approval to the Ministry of Works to commence work on the proposed coaster roads, starting from Lagos to Port Harcourt, through Cross River, and then link up with the Trans-Saharan Route, which runs from Enugu-Abakaliki-Ogoja down to Cameroon.”
So, it was approved to be into finance in a model of EPC + F that’s engineering, procurement, construction and then Plustv + Financing, and so counsel deliberated and approved and then directed the Minister of Finance to expidite action on its own part”, the Minister explained.
Briefing State House correspondents on the approval, the Minister, Mr David Umahi, said phase 2 of the project would begin from Badagry to Sokoto.