The Federal Government has announced plans to allocate a significant portion of the proposed N6.2 trillion supplementary budget to address the national minimum wage and infrastructure deficit. According to Minister of Budget and National Planning, Senator Atiku Bagudu, the government is committed to being prudent in the utilization of the funds contained in the budget, which is aimed at boosting the economic development of the nation through the implementation of infrastructural projects.
A major chunk of the budget, estimated at N3 trillion, will go towards addressing the newly proposed national minimum wage, with another N3.2 trillion dedicated to capital expenditures for priority projects in road, rail, water, irrigation, and dam projects in the 2024 fiscal year.
The minister revealed that some of the projects set to benefit from the budget include the Lagos-Calabar coastal road project, which requires a funding injection of N150 billion, as well as the Sokoto-Badagry road project and rail projects, including the Port Harcourt Main Gauge and others.
Senator Bagudu also highlighted the government’s plan to provide counterpart funding for rail projects that have been stalled in recent years, including the longest among them – Port Harcourt Main Gauge, which will traverse several states across the country. The minister emphasized that the proposed budget is intended to provide equity contributions or counterpart contributions for priority projects and critical projects that require additional funding.
The government has also allocated N522 billion for water, irrigation, and dams projects, with a focus on providing alternative sources of energy and supporting ongoing projects that are critical to agriculture and food security.
While speaking before a House of Representatives’ Committee on Appropriation, Senator Bagudu assured that the proposed budget would not limit revenue available for the implementation of the 2024 Appropriation Act. He also acknowledged that efforts are being made to address issues bordering on security across the country.
The committee chairman, Hon. Abubakar Bichi, praised the government’s efforts towards rejuvenating the country’s socio-economic life and assured that necessary legislative measures would be worked out for the overall benefits of Nigerians.
Other lawmakers present at the meeting commended the government’s ingenuity in addressing infrastructure deficit and called for continued efforts to address issues of security.
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