Bagudu: N6.2 trn supplementary budget to fund infrastructure, minimum wage, others

The Minister of Budget and National Planning, Abubakar Atiku Bagudu has informed the House of Representatives that the N6.2 trillion proposed supplementary budget sent to the National Assembly by President Bola Ahmed Tinubu would be used to fund various infrastructure projects across the country. According to him, the proposed ‘Renewed Hope Infrastructural Fund’ was intended […]

The Minister of Budget and National Planning, Abubakar Atiku Bagudu has informed the House of Representatives that the N6.2 trillion proposed supplementary budget sent to the National Assembly by President Bola Ahmed Tinubu would be used to fund various infrastructure projects across the country.

According to him, the proposed ‘Renewed Hope Infrastructural Fund’ was intended to provide equity contributions or counterpart contributions of the federal government projects designated as priority projects as well as critical projects which needed more appropriation so that they will not suffer neglect.

He disclosed that the N3 trillion was to also among other things take care of newly proposed national minimum wage, for which Mr. President said he will soon send the bill to the National Assembly and subsequent adjustment.

He stated this while speaking before the Rep. Abubakar Kabir Abubakar Bichi led House of Representatives Committee on Appropriations on Monday.

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Bagudu said the supplementary appropriation will help stimulate the economy through the implementation of the various infrastructural projects including road, rail, water, irrigation and dam projects in the 2024 fiscal year.

According to him, some of the projects to be funded are already ongoing, which include; the Lagos-Calabar, 1,000 kilometre road project for which the sum of N150 billion is required and Sokoto – Badagry Road projects, as well as the rail project.

He said the Chinese government has already provided 85 per cent funding while the federal government is yet to provide the 15 per cent counterpart finance.

He further added that the Lagos-Calabar, which is expected to start in three different sections and has already commenced in Lagos, and the Calabar end, and one additional section adding that, the Lagos-Calabar Coastal road project will also have rail links with some other states.

He added that another major project covered Port Harcourt – Maiduguri rail lines.

The minister further disclosed that the proposed budget was aimed at providing counterpart funding for rail projects that have literally stopped.

He said the projects include the Port Harcourt-Maiduguri Standard Gauge rail, which will traverse Rivers, Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, Yobe, and other parts of the country.

He added that another project is the Badagry -Tin Can Port, Lekki Port, while the third one is Lagos – Ibadan Standard Gauge, adding that the fourth one is Kano-Maradi Standard Gauge, as well as funding for rolling stock that is required, for which the sum of N530 billion was requested is for these five rail projects.

Senator Bagudu further added that, N522 billion was also provided for water, irrigation and dam projects.

In his opening address earlier, the Chairman, House Committee on Appropriations, Rep. Abubakar Kabir Abubakar said they invited the minister to give details on the supplementary appropriation.

He said the emphasis was to inform Nigerians about the N3.2 trillion capital expenditure and the N3 trillion recurrent expenditure of the proposed national minimum wage transmitted by the President in the supplementary appropriation for accelerated consideration by the National Assembly.

He said there is need for Nigerians to be adequately informed on the details of the proposed N6.2 trillion Supplementary budget proposal, which is in addition to the N28.7 trillion Appropriation Act approved for the 2024 fiscal year.