The minister revealed details of President Tinubu’s extra ₦6.2 trillion budget, pledging responsible utilization of funds
The Federal Government has assured Nigerians of its commitment to the prudent utilization of an additional N6.2 trillion budget for 2024, aimed at stimulating economic growth through infrastructural projects.
The minister of budget and national planning, Sen. Atiku Bagudu, gave the assurance while addressing the House of Representatives committee on appropriation chaired by Rep. Abubakar Bichi (APC, Kano) on Monday.
OrderPaper recalls that President Bola Tinubu, had, last week, transmitted the request for an additional N6.2tn extra budgetary provision to both chambers of parliament: N3.2tn capital expenditure and N3tn recurrent expenditure.
In his opening address, Rep. Bichi tasked the minister with details on the request, including the N3.2 trillion capital expenditure increase and the N3 trillion recurrent expenditure.
Bichi stated that Nigerians need to be adequately informed of the details of the proposed N6.2 trillion budget, which is in addition to the N28.7 trillion Appropriation Act already approved for the 2024 fiscal year.
The purpose of a N6.2 trillion budget
Speaking on the primary focus of the proposed extra spending budget, Bagudu pointed out that the security of lives and property is paramount.
Infrastructure
He outlined key infrastructure projects in the budget, including the Lagos-Calabar 1,000km road project which will cost N150 billion, and the Sokoto-Badagry road project, as well as the rail project for which the Chinese government had provided 85 percent funding while the federal government is yet to give the 15 percent counterpart finance.
The minister added that the second project to be funded by the extra budget is the Badagry-Tin Can Port and Lekki Port while the third one is the Lagos-Ibadan standard gauge, adding that the fourth project is the Kano-Maradi standard gauge.
The minister noted that the proposed N3.2 trillion ‘renewed hope’ infrastructure fund was “intended to provide equity 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.
“These projects include rail, the longest among them being the Port Harcourt-Maiduguri corridor which will traverse Rivers, Imo, Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauch, Gombe, Yobe, and terminating in Borno State.
“We have the national highway construction projects which require additional funding because this is already in the 2024 budget.
“The Sokoto-Badagry highway has been on the national development plan of Nigeria since 1970. It was awarded in 1975, but not much progress was made. Because of the visionary and bold endeavour of Asiwaju Bola Tinubu; he has brought it back to life.
“It is going to traverse Lagos again, Ogun, Oyo, Kwara, Niger, Kebbi and terminating in Sokoto State, as well as the Africa-Sahara Highway which will traverse Benue, Kogi, Nasarawa, and Abuja,” Bagudu stated.
Agriculture
Bagudu also disclosed that the sum of N522bn was earmarked for the provision of water, irrigation, and dam projects for farming purposes.
The minister emphasised the importance of revamping agriculture saying, “we need to take bold measures on our water, irrigation, and dam infrastructure. We have met with several investors, including the International Finance Corporation, who are saying, that if we put some money to do your dams, they will provide money to provide infrastructure,” among others,
Compressed Natural Gas
The minister also highlighted the importance of Compressed Natural Gas (CNG), stating that the ministry of science and innovation “tested two vehicles from Abuja to Ibadan, one on Petroleum Motor Spirit, which consumed N42,000 worth of oil, and one on CNG which consumed N14,000.
“So, to help Nigerian citizens with this, we need more finance. The other investments in agriculture and food security, as well as the additional water resources, are to support ongoing projects for which the funding commitments are not adequate. But they are critical to the delivery of our agriculture and food security objectives.”
Minimum wage payments…
The minister further disclosed that the N3 trillion recurrent expenditure was intended to meet, among other things, the newly approved national minimum wage.
