Within this budget, N184.25 billion has been earmarked for the procurement of military equipment, arms, and ammunition.
This updated funding allocation was part of the N2.18 trillion supplementary budget for the 2023 fiscal year, which received approval from the Federal Executive Council on Monday.
Based on details from the 2023 supplementary budget, the Ministry of Defence and the Armed Forces are set to receive more than N147.03 billion to enhance internal operations against groups like Boko Haram, bandits, kidnappers, and other anti-insurgency campaigns.
Of the eight military and defence agencies included in this allocation, the Nigerian Army, Nigerian Air Force, and Nigerian Navy are set to receive N211.5 billion, N112.2 billion, and N62.8 billion, respectively, securing the largest portions of the military budget.
Out of this funding, recurrent expenditure will consume N245.1 billion, while capital expenditure is allotted N329.99 billion.
Addressing reporters after the Federal Executive Council meeting at the Aso Villa, the Minister of Budget and Economic Planning, Abubakar Bagudu, explained that this budget is designed to address pressing issues, including national defense and security.
Bagudu said, “N605bn for national defence and security is to sustain the gains made in security and to accelerate and these are funds that are needed by the security agencies before the year runs out.”
it was revealed that N300 billion has been set aside for bridge repair and road projects like the Eko and Third Mainland Bridges. Additionally, these funds are designated for the construction, rehabilitation, and maintenance of roads across the nation, all to be completed before the onset of the rainy season.
Furthermore, an allocation of N18 billion has been made to support the Independent National Electoral Commission (INEC) in facilitating the forthcoming elections in Bayelsa, Kogi, and Imo states.
Moreover, an amount of N5.5 billion has been set aside for the initiation of the student loans board, which is scheduled to commence loan disbursement in January 2024.
According to the provided document, the Ministry of Defence has been allocated a total of N49.99 billion, with N33.6 billion allocated for recurrent expenditures and N16.4 billion for capital projects.