The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, has approved a draft 2021 Supplementary Budget of N895,842,462,917 to cater for Defence equipment, COVID-19 vaccines and other exigencies.

Announcing this on Wednesday to State House Correspondents after the week’s virtual FEC meeting, Finance, Budget and National Planning Minister Mrs. Zainab Ahmed said the largest chunk of the budget, being N770.60 billion, was planned for the acquisition of Defense equipment.

The minister said N83.56 billion was set aside as expenditure for COVID-19 vaccine programme, covering 30 million vaccines from Johnson and Johnson and the logistics costs related to the deployment of the vaccines.

She explained that the supplementary budget also has N40 billion for allowances to the Health, Education sectors and other wage-related matters.

There is also N1.69 billion for the Nigeria Comprehensive AIDS Programme, Mrs. Ahmed said.
The minister explained that the Federal Government would draw from N39.58 billion to finance the supplementary budget, just as it will withdraw N135 billion from Special Levy Accounts for the same purpose.

“In line with this approval, we have also been given approval to draw down on some existing World Bank loans totaling about N39.58 billion as part of the financing source for this supplementary budget.

“We will be working with the World Bank to restructure some of the existing facilities to realise this N39.58 billion.

“We’ve also been given approval to withdraw N135 billion from some special reserve levy 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 Defense and Security expenditures.

“Finally, this approval also contains an approval to borrow N722.53 billion for security expenditures and these are the capital components of the security expenditure in the absence of any other additional supplementary sources of borrowing.

“This borrowing would be done from the domestic international capital market,” she said.

https://thenationonlineng.net/fec-okays-n895-5b-2021-supplementary-budget-for-military-covid-19-vaccines-others/

Una see

Where will they get that kind of free money from?

We don't need to borrow to fund Bokoharam and Fulani militias. You should know what I mean. Half of Bokoharam arsernals were "donated" to them by our Military.

This country NA WAH OO..

Them go wreck this nation then abandon us to go bleep ourselves lass lass

I have never seen a country as badly managed as Nigeria! A president goes all over the country to start fires and then goes all over the world to borrow in order to pretend he wants to stop the fires.. If the president did what he was supposed to do, effectively, there wouldn't be any security risk of the magnitude we have today in the east, and if he managed his nebulous open border policy better, fulani janja-weeds wouldn't have been here having a field day killing and raping. That means a lot of the army guys on the street would be in the barracks. Less defence spending! It's just a clear case of failure of leadership.. They are just on a borrowing spree to finance the budget! When they want to cover their tracks,they pretend it's for Defence purposes, but do a critical research and you will notice that it's for basic recurrent expenditures.

I mean you can't pay the folks in your workforce! It's so bad you have to borrow to do this for years running now, YET, you are still employing your tribal kinsmen (most of them highly unqualified for the jobs) into government agencies in their thousands, thereby opening up new channels to spend more money on wages! What's more? Most of these agencies are redundant, highly over staffed, almost useless since they have been duplicated in several ways with the emergence of similar agencies doing same jobs (ICPC and EFCC). Still, the government can't do the needful to eliminate the agencies, cut the staff strength and save money... You can NEVER be successful in business if your daily expenditures needed to push your business on to survive, outweighs your meagerly income on daily bases. That's a recipe for disaster. It's not sustainable. You have to downsize at a point. How they can't see this, I don't know..

Rugaria:
I have never seen a country as badly managed as Nigeria! A president goes all over the country to start fires and then goes all over the world to borrow in order to pretend he wants to stop the fires.. If the president did what he was supposed to do, effectively, there wouldn't be any security risk of the magnitude we have today in the east, and if he managed his nebulous open border policy better, fulani janja-weeds wouldn't have been here having a field day killing and raping. That means a lot of the army guys on the street would be in the barracks. Less defence spending! It's justice a clear case of failure of leadership.. They are just on a borrowing spree to finance the budget! When they want to cover their tracks,they pretend it's for Defence purposes, but do a critical research and you will notice that it's for basic recurrent expenditures.

I mean you can't pay the folks in your workforce! It's so bad you have to borrow to do this for years running now, YET, you are still employing your tribal kinsmen into government agencies in their thousands, thereby opening up new channels to spend more money on wages! What's more? Most of these agencies are redundant, highly over staffed, almost useless since they have been duplicated in several ways with the emergence of similar agencies doing same jobs (ICPC and EFCC). Still, the government can't do the needful to eliminate the agencies, cut the staff strength and save money... You can NEVER be successful in business if your daily expenditures needed to push your business on outweighs your meagerly income on daily bases. It's not sustainable. You have to downsize at a point.

Broooo! I had to drop some of my staff last year and as we speak my business on the verge of collapsing because business is so slow and the profit margins yearly have dropped drastically. Buhari came to steal, to kill and to destroy an entire nation! Nigeria have been many things under a lot of administration but this is present one is something nobody can describe! We are totally finished in this country! A lot of people don’t know this yet because the government keeps on lying and floating everything to make it seems financially the country is stable. We are no different from Venezuela right now! Only time will tell!