The federal government on Monday assured Nigerians of its resolve to prudently utilise the proposed N6.2 trillion additional budgetary expenditure aimed at stimulating the economy through the implementation of various infrastructural projects including road, rail, water, irrigation and dam projects in the 2024 fiscal year.
Minister of Budget and National Planning, Senator Atiku Bagudu gave the assurance while addressing the House of Representatives Committee on Appropriation chaired by Abubakar Bichi.
In his opening address, Bichi tasked the Minister to give details on the Appropriation bill including the N3.2 trillion capital expenditure increase and N3 trillion recurrent expenditure for the newly proposed national minimum wage transmitted by Mr President for accelerated consideration.
The lawmaker observed that there is a need for Nigerians to be adequately informed of the details of the proposed N6.2 trillion budget proposal which is in addition to the N28.7 trillion Appropriation Act approved for the 2024 fiscal year.
Other lawmakers who hailed the present administration over its interest in the country’s infrastructural deficit, harped on the need to address issues of security.
While responding to the inquiries, Minister of Budget and National Planning, Senator Atiku Bagudu noted that various efforts are being made to address issues bothering on security of lives across the country.
Some of the projects proposed in the budget proposal include Lagos-Calabar, a 1,000-kilometer road project for which the sum of N150 billion is required and Sokoto – Badagry road projects, as well as the rail project for which the Chinese government has provided 85 percent funding while Federal Government is yet to provide the 15 percent counterpart finance.
According to him, the Lagos-Calabar which is expected to start in three different sections, has commenced in Lagos, and the Calabar end, and one additional section Sokoto – Calabar.
He added that the Lagos-Calabar also covered the five South East States as well as the 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 in the last year, including the longest among them – Port Harcourt Main Bridge, which will traverse Rivers, Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, Yobe, and other parts of the country.
Equally, the second project is Badagry -Tin Can Port, Lekki Port…while the third one is Lagos – Ibadan Standard Gauge, adding that the fourth one is Kano-Marada 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 also disclosed that the sum of N522 billion was also provided for water, irrigation and dam projects.
He explained that the proposed N3.2 trillion renewed hope infrastructure 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 intended to meet, among others, the newly proposed national minimum wage, for which Mr President said he would soon send the bill to the National Assembly and subsequent adjustment.
While responding to questions on the projected revenue for the year, Senator Bagudu assured that the projects encapsulated in the amendment to the 2024 Appropriation Bill will not limit the revenue available for the implementation of the 2024 Appropriation Act.
On his part Chairman, House Committee on Media and Public Affairs, Akin Rotimi demanded the list of various achievements of the Tinubu administration.
While ruling, Bichi who applauded ongoing efforts toward rejuvenating the country’s socio-economic life, assured that necessary legislative measures would be worked out for the overall benefit of Nigerians.
N6.2trn additional budgetary allocation to be used for roads, rail, irrigation in 2024 fiscal year
