Atiku Bagudu made this disclosure of the information to State House correspondents on Monday in the aftermath of a Federal Executive Council meeting presided by Bola Tinubu, President of Nigeria. Bola Tinubu, at the Presidential Villa.
Bagudu said, "We have submitted a supplementary budget and the council weighed in on an application for an appropriation for 2 trillions, 176billions 791 million and 286 thousand to be an additional budget."
He said that the new budget was created to deal with pressing issues, such as allocating 605 billion dollars for security and defense to sustain prior progress.
In addition, 300 billion of the funds were earmarked to repair bridges as well as rehabilitation, construction, and repairs, as well as 200 billion set aside as seed money to support agriculture.
The official added that an additional 200 billion was allocated to wages in negotiation, which spans the months of September through December 2023.
In addition, Bagudu stated that 400 billion was set aside for cash transfer payments in addition to highlighting the fact that the federal government obtained $800 billion from the World Bank for a two-month time frame, which President Obama authorized for including in the federal budget.
The Minister also mentioned the fact that 100 billion had been approved to help support the Federal Capital Territory (FCT) to fund urgent and immediate construction projects. At the same time, 18 billion was allotted to the Independent National Electoral Commission (INEC) to help facilitate the conducting of elections in Bayelsa as well as Imo states.
The Minister said that an additional 5.5 billion would be allocated to financing the launch of student loans. Eight hundred billion were allocated to the creation of a new Ministry.
Bagudu said that the council had granted its approval to raise the ceiling for borrowing in India.
The Minister also stated that they've presented the Medium-Term Expenditure Framework (MTEF) for the National Assembly, and the government has maintained the budgetary cycle.
The Minister also said that the process of budgeting can benefit from the knowledge and cooperation with both the National Assembly and the executive branch.