By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: FG Eyes $2.5bn World Bank Funding for 2024 Supplementary Budget
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | FG Eyes $2.5bn World Bank Funding for 2024 Supplementary Budget

News

FG Eyes $2.5bn World Bank Funding for 2024 Supplementary Budget

Olaitan Sodiq
Olaitan Sodiq
Published: June 14, 2025
Last updated: June 14, 2025
4 Min Read
Share
FG Eyes $2.5bn World Bank Funding for 2024 Supplementary Budget | Daily Report Nigeria
SHARE

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.

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:$2.5bn World Bank2024 Supplementary BudgetFG
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Petrol Price Nears N1,000/L As Iran-Israel War Pushes Global Oil Market Into Crisis | Daily Report Nigeria
Petrol Price Nears N1,000/L As Iran-Israel War Pushes Global Oil Market Into Crisis
Business
Flooding Scandal: Niger Delta Governors Accused of Diverting Ecological Funds | Daily Report Nigeria
Flooding Scandal: Niger Delta Governors Accused of Diverting Ecological Funds
News
Club World Cup: Ten-Man Madrid Spank Pachuca to Stay in Race | Daily Report Nigeria
Club World Cup: Ten-Man Madrid Spank Pachuca to Stay in Race
Sports
JUST IN: 12 Nigerian Fencers for African Championships Unveiled | Daily Report Nigeria
JUST IN: 12 Nigerian Fencers for African Championships Unveiled
Sports
Edo Police Arrest Man Over Death of Missing 21-Year-Old | Daily Report Nigeria
Edo Police Arrest Man Over Death of Missing 21-Year-Old
Metro

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Why Govt Should Allow Nigerians To Buy AK-47 – Gov Radda | Daily Report Nigeria
News

Why Govt Should Allow Nigerians To Buy AK-47 – Gov Radda

June 13, 2025
FG Targets 4m bpd Oil Production by 2030 | Daily Report Nigeria
Business

FG Targets 4m bpd Oil Production by 2030

June 11, 2025
PAP: Why Ex-militants Scholarship Was Suspended – Ndiomu | Daily Report Nigeria
News

PAP: Why Ex-militants Scholarship Was Suspended – Ndiomu

June 13, 2025
Breaking: Governor Ikpeazu Recovers From Coronavirus | Daily Report Nigeria
News

Breaking: Governor Ikpeazu Recovers From Coronavirus

June 15, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?