The Federal Executive Council (FEC) has approved a supplementary budget of over N2 trillion.
Giving the breakdown, the Minister of Budget and National Planning, Alhaji Abubakar Bagudu, told State House Correspondents that N605 billion was for national defence and security, emphasising that the objective was to sustain the gains made in security.
He explained that N300 billion had been provided for the rehabilitation of bridges, including Eko and Third Mainland bridges, as well as the construction, rehabilitation, and maintenance of roads nationwide before the return of the rainy season.
N200 billion is for the provision of agricultural inputs, N210 billion for wage awards to honour the government’s agreement with organised labour, and N400 billion for cash transfer payments, he said further.
Similarly, N18 billion goes to INEC for the conduct of the forthcoming governorship elections in Bayelsa, Kogi, and Imo States; N5.5 billion is set aside for the funding of the takeover of the student loans board; and N8 billion is set aside as take-off grant of new ministries.
Alhaji Abubakar Bagudu also said N200 billion 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 an $800 million 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.
Briefing State House correspondents on the approval, the Minister, Mr David Umahi, said phase 2 of the project would begin from Badagry to Sokoto.
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