Atiku Bagudu, the Minister of Budget and National Planning, gave the assurance while addressing the House of Representatives Committee on Appropriation in Abuja. He said that the funds would be spent on stimulating the economy through the implementation of various infrastructural projects.
These projects include road, rail, water, irrigation, and dam projects in the 2024 fiscal year with prudent utilisation of the funds. He said that the ₦3 trillion would cater for the newly proposed national minimum wage, for which President Bola Tinubu said the bill would soon be sent to the National Assembly.
He said 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 that there would be funding for rolling stock that is required, adding that this would gulp the sum of ₦530 billion as requested for the five rail projects.
Bagudu said that the sum of ₦522 billion was also provided for water, irrigation, and dam projects, adding that the proposed ₦3.2 trillion renewed hope infrastructural fund was “intended to provide equity contributions.”
Bagudu 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.
Rep. Abubakar Bichi, the Chairman of the House Committee on Appropriation, had earlier urged the Minister to give details on the Appropriation Bill, including the ₦3.2 trillion capital expenditure increase. This also includes the ₦3 trillion recurrent expenditure for the newly proposed national minimum wage transmitted by Mr President for accelerated consideration.
Bichi observed that there was a need for Nigerians to be adequately informed of the details of the proposed ₦6.2 trillion budget. This, he says, was in addition to the ₦28.7 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, 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 ₦150 billion is required.
Sokoto-Badagry road projects, as well as the rail project, for which the Chinese government has provided 85% funding while the Federal Government is yet to provide the 15% counterpart finance.
According to Bagudu, the Lagos-Calabar, which is 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.
