The Federal Government on Tuesday confirmed the release of a 50 percent capital component of the 2023 supplementary budget approved for the security agencies.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this during the Sectoral briefing on the Financial sector organised by the leadership of the House of Representatives.

He, however, noted that the recurrent component of the budget is being worked out and would be released in due course.

Speaking on the report from the Special Committee on security set up by the House, Deputy Speaker, Hon. Benjamin Kalu, who presided over the sectoral briefing, expressed concern over the prevailing security challenges ravaging the country.

He noted that the Committee had in a notice sent to him expressed concern over non-release of the fund approved in the supplementary budget to relevant security agencies.

Recalled that from the total sum of N2.177 trillion approved by the Parliament as supplementary budget on Thursday, 2^nd November, 2023, the sum of N5.095 billion proposed for procurement of presidential yacht under Nigerian Navy’s N62.800 billion capital expenditure was removed and added to the N5.5 billion initially proposed for Student Loan scheme, thereby increased the Students Loan to N10 billion.

From the N2.177 trillion supplementary budget, National Assembly approved the sum of N546,209,099,671 for Ministry of Defence; N50 billion for Police Formations and Commands; N50 billion to Office of the National Security Adviser (ONSA); and N49,046,831,697 for Department of State Services (DSS), respectively. (Nigerian Tribune)

Update news