The Federal Government has reaffirmed its commitment to utilize the N6.2 trillion 2024 extra-budgetary proposal to enhance the nation’s infrastructure.
Speaking in Abuja, the Minister of Budget and National Planning emphasized the government’s focus on this investment during the session with the House of Representatives Committee on Appropriation.
President Bola Tinubu recently submitted a request for an additional N6.2 trillion budget provision to parliament, allocating N3.2 trillion for capital expenditures and N3 trillion for recurrent expenditures, primarily aimed at implementing the new national minimum wage for Nigerian workers.
The committee chair stressed the importance of keeping Nigerians informed about the details of the additional budget, which supplements the already approved N28.7 trillion Appropriation Act for the 2024 fiscal year.
The Minister highlighted that the core aim of the extra funding will focus on enhancing security and the safety of citizens. Key projects outlined in the proposal include the N150 billion Lagos-Calabar 1,000km road, the Sokoto-Badagry road, and a rail project with significant funding support from the Chinese Government.
Further investments include the Badagry-Tin Can Port and Lekki Port and the Lagos-Ibadan standard gauge railway, as well as the Kano-Maradi standard gauge project. An allocation of N522 billion is designated for water, irrigation, and dam projects, aimed at boosting agricultural productivity.
The proposed N3.2 trillion Renewed Hope Infrastructural Fund is intended to ensure that priority projects receive adequate funding to avoid neglect. The Minister listed various ongoing projects requiring additional funding, including the long-anticipated Sokoto-Badagry highway, originally proposed in the National Development Plan of Nigeria in 1970.
Bagudu also emphasized the critical need for agricultural revitalization and infrastructure improvements, highlighting ongoing discussions with investors, including the International Finance Corporation, regarding funding for dam projects.
Additionally, the Minister noted the benefits of Compressed Natural Gas (CNG) for transportation cost reduction, stating that utilizing CNG resulted in significant savings compared to traditional petroleum fuel.
The committee chair pledged ongoing collaboration to support efforts aimed at revitalizing the nation’s economy.
