The Federal Government will seek a a $2.5 billion World Bank facility as a funding window for the 2024 supplementary budget.
The money will augment the N50 billion Presidential Infrastructure Development Fund (PIDF) domiciled in the National Sovereign Wealth Investment Authority (NSWIA), which the government has also earmarked for the budget.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, stated this in Abuja on Tuesday when he briefed the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs.
Bagudu told the lawmakers that the $2.5bn was meant to augment the N50bn, which he said was not enough to execute the Renewed Hope Transformational Projects of the administration of President Bola Tinubu.
Recall that on May 29, President Tinubu had hinted the National Assembly of his plan to forward a Supplementary Appropriation Bill for the lawmakers to work on it.
According to Bagudu, the budget will be devoted mainly to the transformational projects of the administration, though he added that it might also include a provision for the new national minimum wage.
The minister listed the projects to include the Lagos-Calabar Coastal Road; the proposed Sokoto- Badagri Road; and the completion of all ongoing railway projects, which the government had yet to provide its own counterpart fund.
In addition, Bagudu informed the lawmakers that the budget would provide more money to support CNG, LNG projects targeted at improving energy for transportation and household use.
He added that the Trans-Saharan Highway, which the current administration inherited, would also be funded with the supplementary budget.
Bagudu spoke more, “The supplementary budget that was announced or rather was mentioned, came about when Mr President presented a memo to the Federal Executive Council.
“In the memo, he said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.
“He has also identified transformational projects, including Lagos – Calabar, Coastal Road; proposed Sokoto-Badagri Road; completion of all ongoing railway projects, which we have not provided counterpart funding.
“We also plan to fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy. Last but not the least, more money to support CNG, LNG.
“The three roads, dams and irrigation, and railways, is what Mr. President designated as the infrastructure, renewed health infrastructure priority items.
READ ALSO: FG approves N25bn for tertiary institutions labs, workshops upgrade
“So that’s what he directed that the ministry prepare for appropriation supplementary appropriation bill.
“We have not finished work on the bill, we have not submitted the supplementary appropriation draft to the Federal Executive Council yet.
“So many people have approached the ministry and indeed leadership of the National Assembly as well as many members asking about the renewed hope the supplementary appropriation.”
Commenting on the new wage demand by the organised labour and the government’ plans, said the new pay demand might be covered by the budget.
Leave a comment