Connect with us

FEATURED

FEC Approves N895bn Draft Supplementary 2021 Budget

Published

on





The Federal Executive Council meeting presided over by President Muhammadu Buhari has approved a draft supplementary budget of N895 billion for the year 2021.

A bill is to be presented to the National Assembly for approval of the supplementary budget, in line with constitutional provisions.

Minister of Finance, Zainab Ahmed disclosed this while briefing State House Correspondents on the outcome of Wednesday’s meeting.

Advertisement

“Today the Federal Ministry of Finance Budget and National Planning presented to council a proposal to seek approval for the draft Federal Government of Nigeria 2021 supplementary budget. The council deliberated on our proposal and approved as follows.

“Having noted the need for the urgent procurement of vaccines and also the need for funding, to ensure that Nigeria is able to meet its commitment under the Nigerian Comprehensive AIDS programme, as well as the urgent need to specifically enhance the capacity of our military and para military agencies to tackle the various security challenges that we currently have in the country.

“The council on that note approved the 2021 supplementary appropriation bill, in an aggregate expenditure of N895, 842, 462, 917. The total of this expenditure is made up of N83.56 billion for COVID-19 vaccine programme, covering 30 billion vaccines from Johnson and Johnson vaccines and the logistics cost related to the deployment of that vaccine.

Advertisement

“It also contains the sum of N1.69 billion for the Nigerian Comprehensive AIDS programme currently operating in the States and an additional contingency provision of N40 billion under the public service-wide wage adjustments to take care of the needs for allowances to the health and education sectors and other wage related issues. This is an incremental provision to the N100 billion already provided for in the 2021 budget.

“The council also approved an aggregate sum of N770.60 billion to further enhance the capacity of the defence and security agencies to address current and emerging security challenges in our country.”

Ahmed said the council also approved the draw down on some existing World Bank loans totalling about N39.58 billion as part of the financing source for the supplementary budget.

Advertisement

“We will be working with the World Bank to restructure some of the existing facilities to realise this N39.58 billion. We have also been given approval to withdraw N135 billion form some special reserve lobby accounts to part fund this supplementary budget but specifically related to COVID-19 vaccine, salaries and other health related expenditure as well as the recurrent component of the defence and security expenditures,” the minister said.

Ahmed said the approval also contained the permission to borrow N722.53 billion for security expenditures, which will be from the domestic international capital market.

Advertisement
Advertisement
Click to comment
FEATURED2 hours ago

EFCC Arraigns Truck Driver for Illegally Transporting Assorted Solid Minerals

Jaro Egbo
COMMUNITY REPORT11 hours ago

Ughelli North Council Boss Suspends Uwheru PG, Chief MacPherson Igbedi

NEWS13 hours ago

Sen. Nwoko Empowers Several Constituents in Delta North with Federal Jobs

FEATURED17 hours ago

Army Troops, Civilian JTF Send 8 Terrorists to Hell in Bloody Gunfire in Borno

Heavy-Duty vehicles
FEATURED21 hours ago

85 Senators Append Signature for Anioma State Creation Aheads Public Hearing

COMMUNITY REPORT21 hours ago

Isoko North Council Boss Tasks Religious Leaders on Speaking Truth to Power

FEATURED23 hours ago

How we Operated as a “One Chance” Keke’s Robbery Gang – Kingpin Leader Told Police Investigators

ENTERTAINMENT2 days ago

Billionaire Nwoko, Regina Daniels Back AGN’s National Secretariat, App Launch

FEATURED2 days ago

EFCC Arrests 74 Alleged Internet Fraudsters with Rifle Pistol, 86 Phones, Motorcycles in Abuja

COMMUNITY REPORT2 days ago

Sen. Nwoko Pays Glowing Tribute to Dein of Agbor on His 48th Birthday

COMMUNITY REPORT2 days ago

Pomp, as Waive Leads High-powered Delegation to Pay Homage to New Udu Monarch

FEATURED3 days ago

Tantita Reveals How Foreigners Smuggle Nigerian Oil

COMMUNITY REPORT4 days ago

‘We’re Committed to Healthcare Delivery’ – Isoko North Boss as He Flags Off 2nd Phase Immunization Exercise

FEATURED5 days ago

Stolen Artifacts: Senate Intensifies Efforts on Policy Recommendations As Nwoko’s C’ttee Meet Stakeholders

FEATURED5 days ago

‘Being an Alarmist Doesn’t Fit Your Status’ – APC Chieftain Slams Gov Oborevwori’s Chief Strategist

Advertisement
Advertisement