The Federal Government has assured Nigerians of the prudent utilization of the proposed N6.2 trillion aimed at stimulating the economy through capital projects across the country.
Minister of Budget and National Planning, Sen. Abubakar Atiku Bagudu, made this statement while addressing members of the House of Representatives Committee on Appropriation regarding the implementation of the proposed fund.
Sen. Bagudu highlighted that key focus areas for the 2024 fiscal year include roads and rail construction, water and dam projects to boost irrigation farming, and the security of lives and property.
Specific projects mentioned include the Lagos-Calabar 1,000-kilometer road project requiring N150 billion, the Sokoto-Badagry road projects, and rail projects with 85% funding from the Chinese government, pending the Federal Government’s 15% counterpart funding.
The budget also includes funding for rail projects that have stalled, particularly the Port Harcourt Main Bridge, which will span multiple states, and the Badagry-Tin Can Port, Lekki Port, Lagos-Ibadan standard gauge, Kano-Maradi standard gauge, and rolling stock.
Additionally, N3 trillion has been allocated for the new national minimum wage, with a bill to be sent to the National Assembly for necessary adjustments.
Chairman of the House Committee on Appropriation, Alhaji Abubakar Bichi, noted that the N6.2 trillion budget proposal is in addition to the N28.7 trillion Appropriation Act approved for 2024.
Lawmakers praised the administration’s efforts to address the infrastructure deficit and emphasized the need to prioritize security for national development.
COV: TSIBIRI
