In a letter to the House of Representatives, President Bola Tinubu requested approval for the sum of N2.1 trillion as the 2023 supplementary budget.
The President reportedly forwarded the House of Representatives the 2024–2026 Medium Term Expenditure Framework & Fiscal Strategy Paper for approval, according to Channels Television.
On Monday, the N2.1 trillion 2023 supplementary budget, which addresses labour wage adjustments, security, and other issues, was approved by the Federal Executive Council (FEC).
The budget is to finance the above-mentioned pressing concerns, according to Atiku Bagudu, Minister of Budget and Economic Planning, who made this statement after the FEC meeting in Abuja.
He added that N605 billion out of the money will be used for national defence and security to sustain the gains made in security and to accelerate, and these are funds that the security agencies need before the year runs out.
Bagudu stated that there will be allocations to maintain previous progress on agriculture, adding that the budget will also 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 N18 billion for the Independent National Electoral Commission (INEC) for the conduct of the Bayelsa, Imo, and Kogi State off-cycle elections next month.
Ada Peter
