N2.1 Trillion Supplementary Budget: A Boost for Security, Agriculture, and Workers
FG Approves N2.1 Trillion As 2023 Supplementary Budget
On October 30, 2023, the Federal Executive Council (FEC) approved a N2.1 trillion supplementary budget for the 2023 fiscal year. The budget is expected to fund urgent issues, including national security, agriculture, and wage awards for federal government workers. CONTINUE READING…
Breakdown of the supplementary budget:
- National security: N605 billion
- Agriculture: N300 billion
- Wage awards for federal government workers: N250 billion
- Student loan funds: N100 billion
- Other expenses: N870 billion
The Minister of Budget and Economic Planning, Abubakar Bagudu, explained that the supplementary budget was necessary to address unforeseen circumstances that have arisen since the 2023 budget was passed. These circumstances include the ongoing security challenges in the country and the need to provide support to farmers who have been affected by floods.
The supplementary budget will be funded by a combination of new borrowing and increased revenue from the oil and gas sector. The government has also announced plans to sell some of its assets to raise additional funds.
Impact of the supplementary budget:
The supplementary budget is expected to have a positive impact on the Nigerian economy. The increased spending on national security will help to improve the security situation in the country, which will boost investor confidence and encourage economic growth. The additional spending on agriculture will also help to support farmers and increase agricultural production.
The supplementary budget is also expected to have a positive impact on the lives of ordinary Nigerians. The wage awards for federal government workers will boost their disposable incomes and help to reduce poverty. The student loan funds will also help to make education more affordable for young Nigerians.
Conclusion:
The approval of the N2.1 trillion supplementary budget is a welcome development. The additional spending will help to address some of the key challenges facing the Nigerian economy and improve the lives of ordinary Nigerians. However, it is important to ensure that the budget is implemented efficiently and effectively. The government should also take steps to reduce its reliance on borrowing to fund its budget.
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