The Ministry of Finance disputes budget padding.

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Allegations that various ministries, departments, and organizations have padded their budgets have been disputed by Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning. The National Social Safety Net-Scale Up project is funded by the World Bank to the tune of $473,500,000, or N206,242,395,000 at the N435.57/USD exchange rate.

According to the statement, the proposed budget for each ministry for 2023 was distributed for review and comment before the Federal Executive Council (FEC) evaluated it and President Buhari presented it to the National Assembly.

The president had authorized 50% of the required for stages 2 and 3 (using the exchange) of the Ministry of Defence’s refurbishment and acquisition of Harris RF-5/7800 military communication equipment, according to a statement.

 For the 2023 Multilateral/Bilateral Tied-Loan project for the Ministry of Power, the ministry said the four projects total USD448,757,149, which is N195, 465,151,790 and would be implemented by the World Bank, AfDB and Export-Import Bank of China.

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