FEC okays N2.7trn supplementary budget

Grace Ihesiulo
2 Min Read

The Federal Executive Council (FEC) has approved a supplementary budget of N2.7 trillion to be sent to the National Assembly for legislation inputs.

Minister of Budget and Economic Planning, Atiku Bagudu disclosed this to newsmen on Monday while briefing them on the outcome of the weekly FEC meeting.

Of the proposed amount, N605 billion would be expended on national defence and security, while about N300bn would be spent on maintenance of bridges, according to the minister.

Bagudu also disclosed that N210 billion would go for the payment of wage award to civil servants and N400 billion for cash transfer to vulnerable households.

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Recall that follwowing threats of strike by the organised labour, the Federal Government was made to sign an agreement to provide some palliatives in order to cushion the harsh effects of the petrol subsidy removal.

The Minister also announced that N100 billion provision was made in the budget proposals as infrastructure support for the Federal Capital Territory (FCT), and another N800 billion for the Independent National Electoral Commission (INEC) to conduct the off season governnorshop elections in Bayelsa, Imo and Kogi states.

Also, a provision of N8 billion is included in the supplementary budget for the take of the newly created ministeries such as Ministry of Marine and Blue Economy, according to Bagudu.

He further explained that the
Supplementary spending would be based improved earning of government, saying, however, any borrowing to fund the budget where necessary woukd exclude ways and means.

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