A supplementary budget of N2.18 trillion has been approved by the Federal Government of Nigeria for the fiscal year 2023. The budget will be used to pay for increased defence, infrastructure, and welfare program expenditures.
Abubakar Bagudu, the minister of budget and economic planning, made the disclosure following Monday's Federal Executive Council meeting.
According to Bagudu, the budget is intended to "fund urgent issues including national security and defence."
He stated that N605 billion would go toward national security and defense, N300 billion would go toward bridge repairs, N210 billion would go toward wage awards, N400 billion would go toward cash transfers, N200 billion would go toward seed, agricultural input, supplies, and agricultural implements and infrastructure, N100 billion would go toward urgent capital expenditure infrastructure works for the Federal Capital Territory, N18 billion would go toward the Independent National Electoral Commission for the conduct of the elections in Bayelsa, Kogi, and Imo, N5.5 billion would fund the launch of the Student Loan Board, N8 billion would go toward the take-off grant of new ministries, and N200 billion would go toward capital supplementation to address urgent requests made to the President from throughout the nation.