Bagudu: N6.2 trn supplementary budget to fund infrastructure, minimum wage, others
The Minister of Budget and National Planning, Abubakar Atiku Bagudu has informed the House of Representatives that the N6.2 trillion proposed supplementary budget sent to the National Assembly by President Bola Ahmed Tinubu would be used to fund various infrastructure projects across the country.
According to him, the proposed ‘Renewed Hope Infrastructural Fund’ was intended to provide equity contributions or counterpart 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.
He disclosed that the N3 trillion was to also among other things take care of newly proposed national minimum wage, for which Mr. President said he will soon send the bill to the National
Assembly and subsequent adjustment.
He stated this while speaking before the Rep. Abubakar Kabir Abubakar Bichi led House of Representatives Committee on Appropriations on Monday.
Bagudu said the supplementary appropriation will help stimulate the economy through the implementation of the various infrastructural projects including road, rail, water, irrigation and dam projects in the 2024 fiscal year.
According to him, some of the projects to be funded are already ongoing, which include; the LagosCalabar, 1,000 kilometre road project for which the sum of N150 billion is required and Sokoto - Badagry Road projects, as well as the rail project.
He said the Chinese government has already provided 85 per cent funding while the federal government is yet to provide the 15 per cent counterpart finance.