Senator Atiku Bagudu, the Minister of Budget and Economic Planning, has disclosed that the federal government is seeking an additional $2.5 billion loan from the World Bank.
Bagudu said this while briefing the joint session of the Senate and House of Representatives Committees on National Planning and Economic Affairs regarding the proposed Supplementary Appropriation Bill.
According to him, the proposed 2024 budget will be partly financed with the N50 billion Presidential Infrastructure Development Fund (PIDF) currently held by the National Sovereign Wealth Investment Authority (NSWIA).
However, he noted that the N50 billion was insufficient to fund the “Renewed Hope Transformational Projects”.
Further revealing the World Bank’s management would soon convene to decide on the loan’s approval, Bagudu noted the entire supplementary budget, which is still being formulated, would be allocated to four identified transformational projects.
The projects include the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagry Road, the completion of ongoing railway projects for which the federal government has not yet provided counterpart funding and the rehabilitation as well as expansion of dams and irrigation schemes to boost agricultural production.
Bagudu also stated that the budget would allocate more funds to support Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to enhance energy competitiveness.
The Chairman of the Senate Committee, Senator Yahaya Abdullahi, added that amending the 2024 budget might be more efficient than drafting a new appropriation bill due to the high cost associated with processing it.
