JUST IN: FEC Gives Nod To N18 Billion For Imo, Kogi, Bayelsa Elections On November 11.

The Minister of Budget and Economic Planning, Atiku Bagudu, has confirmed that the approved amount is a component of the N2.1 trillion 2023 supplementary budget…CONTINUE READING

He explained that the supplementary budget was approved to address pressing issues.

Following the Federal Executive Council (FEC) meeting at the State House in Abuja, Bagudu stated, “Additionally, N18 billion has been allocated to the Independent National Electoral Commission to assist with the Bayelsa, Kogi, and Imo elections.”

He went on to explain that the FEC had given the green light to a supplementary budget of N2,176,791,286,033, aimed at addressing immediate concerns.

This includes N605 billion for national defense and security, intended to sustain and enhance the security progress made and provide the necessary funding for security agencies before the year’s end.

Bagudu also mentioned the allocation of N210 billion for wage awards, resulting from negotiations with the Nigeria Labour Congress.

The Federal Government had agreed to pay N35,000 each to approximately 1.5 million federal employees for the months of September, October, November, and December 2023.

Additionally, N400 billion has been allocated for cash transfer payments. He clarified that the Federal Government had secured an $800 million loan from the World Bank to provide cash transfers of N25,000 to 15 million households.

The loan covers two months, namely October and November. The President approved the federal government’s funding for an additional month, accounting for the N100 billion allocation.