BREAKING: FG Okays N2.1 Trillion Supplementary Budget

The Federal Government of Nigeria has approved a supplementary budget of N2.1 trillion.

VerseNews reports that the announcement was made by the Minister of Budget and Economic Planning, Atiku Bagudu, following a Federal Executive Council meeting presided over by President Bola Tinubu.

The supplementary budget aims to address various pressing issues, with allocations including;

• N605 billion for defense and security, N300 billion for bridge repairs and construction
• N200 billion as a seed fund for agriculture, N210 billion for wage awards from September to December 2023
• N400 billion for cash transfer payments
• N100 billion to support the Federal Capital Territory (FCT) capital projects
• N18 billion for the Independent National Electoral Commission (INEC) for elections in Bayelsa and Imo states
• N5.5 billion for student loans
• N800 billion for the establishment of a new ministry

Additionally, the domestic borrowing ceiling was increased, and the government is maintaining the January to December budget cycle.

Wage awards to labor for the next six months will remain unchanged, with any necessary adjustments to be included in the supplementary budget.