The Federal Government has announced a proposed N6.2 trillion supplementary budget, primarily aimed at funding the new national minimum wage and various infrastructural projects. Minister of Budget and National Planning, Mr. Atiku Bagudu, made this disclosure while addressing the House of Representatives’ Committee on Appropriation in Abuja.
Bagudu highlighted that N3 trillion of this budget will be allocated for the newly proposed national minimum wage, with President Bola Tinubu set to submit the bill to the National Assembly soon. The remaining funds will stimulate the economy through infrastructure projects, including roads, railways, water, irrigation, and dam projects in the 2024 fiscal year.
Key rail projects to receive funding include:
- The Port Harcourt Main Bridge, which will span several states including Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, and Yobe.
- The Badagry-Tin Can Port and Lekki Port.
- The Lagos-Ibadan Standard Gauge.
- The Kano-Maradi Standard Gauge.
An estimated N530 billion will be allocated for these rail projects, while N522 billion is earmarked for water, irrigation, and dam projects. Additionally, the proposed N3.2 trillion Renewed Hope Infrastructural Fund will support equity contributions.
Bagudu assured that the projects included in the supplementary budget will not impede the implementation of the 2024 Appropriation Act. He also addressed concerns about security, stating that efforts are ongoing to improve the safety of lives across the country.
Chairman of the House Committee on Appropriation, Rep. Abubakar Bichi, emphasized the need for transparency in the budget details and stressed the importance of addressing the country’s infrastructural deficit and security issues.
There are reports that notable projects in the supplementary budget include the 1,000-kilometer Lagos-Calabar road project, requiring N150 billion, and the Sokoto-Badagry road projects. The rail project, partly funded by the Chinese government, awaits the Federal Government’s 15% counterpart finance.
Bagudu mentioned that the Lagos-Calabar project will start in three sections: Lagos, Calabar, and an additional section from Sokoto to Calabar, covering the five Southeast states as well as the Port Harcourt and Maiduguri rail lines.
