Home Business FEC Approves N2.17Trillion 2023 Supplementary Budget to Fund Critical Sectors

FEC Approves N2.17Trillion 2023 Supplementary Budget to Fund Critical Sectors


The Federal Executive Council FEC has approved a supplementary budget of N2.176 trillion Naira towards funding critical sectors of the nation’s economy.

This was disclosed by the Minister of Budget and National Planning, Atiku Bagudu who hinted this as part of the memos considered and approved by the council in the weekly FEC meeting presided over by President Bola Tinubu.

Briefing State House Correspondents after the meeting in Abuja, Bagudu gave a breakdown of the budget to cater for key sectors of the economy including security, construction of critical bridges and roads, seed and agricultural production, wage awards and cash transfers among others.

The council considered a request for supplementary appropriation which is a second for 2023 and the president graciously approved the sum of N2,176,791,286,033 as supplementary budget and this supplementary budget is to fund urgent issues including N605 billion for national defense and security.

“Equally a sum of N300bn was provided to repair bridges including Eko and Third Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide”, Bagudu said.

Others are: N200bn provisioned for seed, agricultural input, supplies and agricultural implements and infrastructure, the sum of N210bn provided for the payment of wage Awards, N400bn as cash transfer payments. N100bn provided for the Federal Capital Territory, N18bn for the Independent National Electoral Commission to support them in the conduct in the Bayelsa, Kogi and Imo elections.

According to Bagudu, the sum of N5.5bn naira was provided for the funding of the takeover of the student loans board as well as N8bn for the take-off grant of new ministries, N200bn capital supplementation to deal with urgent requests made to mr. president from various parts of the country.

The ministers of works and federal capital Territory equally got approval for the construction of crucial roads towards connecting major cities and communities including the Abuja light rail.

Also, the ministry of solid minerals development has announced the signing of a significant Memorandum of Understanding with a German company towards enhancing mineral exploration and information gathering.

The Minister, Dele Alake said “the Ministry of Solid Minerals broke a landmark record of signing an MOU with one of the top notch geo scientific technology companies in the world, which is Geo-scan GmbH, the MOU was signed yesterday through the SMDF that is the solid minerals development fund.

“The company has the latest top of the line technologies, is a proprietary technology for exploration. It means that you can see deep down up to 10,000 meters for the mineral deposits that are available.

this particular technology, is 80% cheaper than current processes in the world, it’s three times faster to locate deposits down on your ground, and so with our own mineral deposits, that we conservatively estimated at about $700 billion under the ground and scrambling to exploit judiciously.

“This will significantly move us forward in achieving the renewable agenda of making solid minerals to become the next petroleum of Nigeria and contributing most significantly to the gross domestic product,” he said.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani said that the recently launched project tagged “3milion technical talents” hunt will create instant and decent jobs for youths across the country.

“This is a programme where we aim over the next four years to train 3 million technical talents but also find sustainable ways to put them into jobs. This programme was announced two weeks ago. We’re happy to announce that while we were targeting just 30,000 for the first batch, we’ve actually received an application of over 550,000 applications from across the country.

Tijani disclosed further that one of the local infrastructure companies has already committed N1 billion towards the programme.

” One thing that is important to note with why we’re doing this is not just another training. We all know that technology under this government is becoming a major part of how we do things, for technology to truly work for Nigeria we need a very deep workforce that can power our ambition.

“We would like our young people who are technologically savvy to be able to work remotely for companies all over the world. And this is why we believe that this programme is going to become a key game changer in the coming years,” he said.

Meanwhile the first ministerial retreat for ministers, special advisers and assistants under this administration will come up between Wednesday and Friday this week in the banquet hall of the Aso rock Presidential Villa

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