The Federal Government has justified its request for an additional N6.2 trillion to the 2024 budget of N28.7 trillion, outlining its intended use for infrastructure and wage adjustments. Minister of Budget and National Planning, Atiku Bagudu, provided these details during an appearance before the House of Representatives Committee on Appropriation, led by Hon. Abubakar Bichi (APC, Kano).
Bagudu explained that the additional funds would support significant infrastructure projects including roads, railways, water systems, irrigation, and dams, and facilitate the implementation of the new national minimum wage. The requested budget adjustment includes N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure related to the new minimum wage.
Key projects highlighted include:
- Lagos-Calabar Road Project: N150 billion is required for this extensive 1,000-kilometre road project, which spans five South Eastern states and includes multiple sections.
- Rail Projects: Funding is needed for various rail initiatives, with the Chinese government already covering 85% of the costs. These projects include the Port Harcourt-Maiduguri rail line and others like Badagry-Tin Can Port, Lekki Port, Lagos-Ibadan Standard Gauge, and Kano-Marada Standard Gauge. N530 billion is requested for rolling stock.
- Water, Irrigation, and Dam Projects: N522 billion is allocated to these essential projects.
Bagudu emphasized that the proposed N3.2 trillion "Renewed Hope" infrastructural fund aims to provide necessary equity contributions or counterpart funding for priority projects to prevent neglect. The N3 trillion adjustment is intended to cover the cost of the new national minimum wage, which will soon be presented to the National Assembly for approval.
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