On Monday, the Federal Government of Nigeria announced its approval of a N2.18 trillion supplementary budget for the fiscal year 2023. This supplementary budget is intended to cover additional spending in key areas, including national defense, infrastructure development, and welfare packages. The Minister of Budget and Economic Planning, Abubakar Bagudu, unveiled the details of the budget after the Federal Executive Council meeting at the Aso Villa.
Funding Urgent Priorities
The N2.18 trillion supplementary budget will address pressing national issues, with a significant allocation of N605 billion dedicated to national defense and security. This funding aims to sustain the progress made in enhancing security across the nation and accelerate further improvements. Security agencies will receive these funds before the year concludes.
Infrastructure and Roads
A substantial amount of N300 billion is allocated for repairing bridges, including the critical Eko and Third Mainland Bridges, along with the construction, rehabilitation, and maintenance of various roads across the country. This investment in infrastructure is essential to ensure the safety and functionality of vital transportation routes, particularly before the onset of the rainy season.
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Wage Awards and Conditional Cash Transfers
The supplementary budget also includes N210 billion to cover wage awards. In negotiations with the Nigeria Labour Congress, the Federal Government committed to paying N35,000 to approximately 1.5 million federal employees for the months of September, October, November, and December 2023. This allocation will fulfill the government’s obligations to its workers.
Additionally, N400 billion is set aside for conditional cash transfer payments. The Federal Government had secured an $800 million loan from the World Bank to provide cash transfers of N25,000 to 15 million households for two months, October and November. The President has approved the use of an additional N100 billion to extend this support for another month, reflecting the government’s commitment to assisting vulnerable households.
Agriculture and Infrastructure
The supplementary budget earmarks N200 billion for seed, agricultural inputs, supplies, and agricultural implements to support expanded agricultural production. This investment will enhance food security and bolster the agricultural sector.
Furthermore, the Federal Capital Territory is allocated N100 billion for urgent and immediate capital expenditure on infrastructure works, contributing to the development and maintenance of the nation’s capital.
Elections, Student Loans, and New Ministries
The budget includes N18 billion for the Independent National Electoral Commission (INEC) to conduct elections in Bayelsa, Kogi, and Imo states, ensuring the smooth democratic processes in these regions. An allocation of N5.5 billion is designated to fund the take-off of the student loans board, which will commence loan disbursement in January 2024.
A sum of N8 billion is provided as a take-off grant for new ministries, and an additional N200 billion is allocated for capital supplementation to address urgent requests from various parts of the country. These allocations aim to support the efficient functioning of new government initiatives and respond to specific regional needs.
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