President Bola Tinubu has written to the House of Representatives, seeking approval for supplementary budget of N2.1 trillion for 2023.
The President said the supplementary budget will take care of four months of salary increases for federal employees, student loan funding, and to preserve prior gains in national security and agriculture.
Tinubu also sent the 2024-2026 Medium Term Expenditure Framework & Fiscal Strategy paper to the House.
Persecond News recalls that the Federal Executive Council (FEC) had on Oct. 30 approved the supplementary budget of N2.1 trillion.
Speaking after the Council meeting on Monday, Minister of Budget and Economic Planning Atiku Bagudu, said the supplementary budget will cover the N35,000 to be disbursed to each of the 1.5 million employees of the Federal Government for September, October, November, and December 2023.
He said: “And amounts to about N210 billion which has been approved and also N400 billion as Cash Transfer payments.
“You may recall that the Federal Government secured a $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households.
“The $800 million is for two months: October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100 billion is for.”
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