The Federal Government says it plans to use the proposed N6.2 trillion supplementary budget to cover the cost of the minimum wage and stimulate the economy by implementing various infrastructural projects.
Atiku Bagudu, the Minister of Budget and National Planning, assured the House of Representatives Committee on Appropriation in Abuja about this allocation.
According to the minister, these projects will encompass road, rail, water, irrigation, and dam projects in the 2024 fiscal year, with a focus on prudently utilizing the funds.
He said N3 trillion would cater to the proposed national minimum wage, while President Bola Tinubu said the bill would soon be sent to the National Assembly.
He added that the proposed budget was also aimed at providing counterpart funding for rail projects that had stopped for a while, including the longest among them.
These, according to him, are the Port Harcourt Main Bridge, which would traverse the rivers Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, Yobe, and other parts of the country.
The minister said the second project is Badagry-Tin Can Port, Lekki Port, while the third one is Lagos-IIbadan Standard Gauge, adding that the fourth one is Kano-Marada Standard Gauge.
He said there would be funding for rolling stock that is required, adding that this would gulp the sum of N530 billion as requested for the five rail projects.
Mr Bagudu said N522 billion was also provided for water, irrigation, and dam projects, adding that the proposed N3.2 trillion renewed hope infrastructure fund was intended to provide equity contributions.
In addition, he assured that the projects encapsulated in the amendment to the 2024 Appropriation Bill would not limit the revenue available for the implementation of the 2024 Appropriation Act.
Abubakar Bichi, the chairman of the House Committee on Appropriation, had earlier urged the Minister to give details on the Appropriation Bill, including the N3.2 trillion capital expenditure increase.
This also includes the N3 trillion recurrent expenditure for the newly proposed national minimum wage transmitted by Mr President for accelerated consideration.
Mr Bichi observed that there was a need for Nigerians to be adequately informed of the details of the proposed N6.2 trillion budget.
This, he says, was in addition to the N28.7 trillion appropriation Act approved for the 2024 fiscal year.
The committee urged the Federal Government to address the infrastructural deficit and also address issues of security.
Responding, Mr Bagudu said that various efforts were being made to address issues concerning the security of lives across the country.
The News Agency of Nigeria (NAN) reports that some of the projects proposed in the supplementary budget include Lagos-Calabar, a 1,000-kilometer road project for which a sum of N150 billion is required
Sokoto-Badagry road projects, as well as the rail project, for which the Chinese government has provided 85 per cent funding while the Federal Government is yet to provide the 15 per cent counterpart finance.
According to Mr Bagudu, the Lagos-Calabar, expected to start in three different sections, has commenced in Lagos, the Calabar end, and one additional section, Sokoto-Calabar.
He added that the Lagos-Calabar also covered the five Southeast States as well as Port Harcourt and Maiduguri rail lines.
According to the minister, these projects will encompass road, rail, water, irrigation, and dam projects in the 2024 fiscal year, with a focus on prudently utilizing the funds.
He said N3 trillion would cater to the proposed national minimum wage, while President Bola Tinubu said the bill would soon be sent to the National Assembly.
He added that the proposed budget was also aimed at providing counterpart funding for rail projects that had stopped for a while, including the longest among them.
These, according to him, are the Port Harcourt Main Bridge, which would traverse the rivers Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, Yobe, and other parts of the country.
The minister said the second project is Badagry-Tin Can Port, Lekki Port, while the third one is Lagos-IIbadan Standard Gauge, adding that the fourth one is Kano-Marada Standard Gauge.
He said there would be funding for rolling stock that is required, adding that this would gulp the sum of N530 billion as requested for the five rail projects.
Mr Bagudu said N522 billion was also provided for water, irrigation, and dam projects, adding that the proposed N3.2 trillion renewed hope infrastructure fund was intended to provide equity contributions.
In addition, he assured that the projects encapsulated in the amendment to the 2024 Appropriation Bill would not limit the revenue available for the implementation of the 2024 Appropriation Act.
Abubakar Bichi, the chairman of the House Committee on Appropriation, had earlier urged the Minister to give details on the Appropriation Bill, including the N3.2 trillion capital expenditure increase.
This also includes the N3 trillion recurrent expenditure for the newly proposed national minimum wage transmitted by Mr President for accelerated consideration.
Mr Bichi observed that there was a need for Nigerians to be adequately informed of the details of the proposed N6.2 trillion budget.
This, he says, was in addition to the N28.7 trillion appropriation Act approved for the 2024 fiscal year.
The committee urged the Federal Government to address the infrastructural deficit and also address issues of security.
Responding, Mr Bagudu said that various efforts were being made to address issues concerning the security of lives across the country.
The News Agency of Nigeria (NAN) reports that some of the projects proposed in the supplementary budget include Lagos-Calabar, a 1,000-kilometer road project for which a sum of N150 billion is required
Sokoto-Badagry road projects, as well as the rail project, for which the Chinese government has provided 85 per cent funding while the Federal Government is yet to provide the 15 per cent counterpart finance.
According to Mr Bagudu, the Lagos-Calabar, expected to start in three different sections, has commenced in Lagos, the Calabar end, and one additional section, Sokoto-Calabar.
He added that the Lagos-Calabar also covered the five Southeast States as well as Port Harcourt and Maiduguri rail lines.
