Nigerian Government To Use Supplementary Budget To Fund New Minimum Wage

Nigerian Government To Use Supplementary Budget To Fund New Minimum Wage....KINDLY READ THE FULL STORY HERE▶

Minister of Budget and National Planning, Atiku Bagudu, revealed on Monday during his address to the House of Representatives Committee on Appropriation led by Hon. Abubakar Bichi, that President Bola Tinubu would soon submit a new minimum wage bill of ₦70,000 to the National Assembly for approval…….. CONTINUE READING 

In response to the Committee chairman’s query about the specifics of expenditures in the supplementary budget, Bagudu clarified that the ₦3.2 trillion capital allocation of the supplementary budget is intended to provide additional funding for priority projects in roads, railways, water resources, irrigation, and dam construction for the fiscal year 2024.

He outlined several key projects slated to benefit from this budget, including the Lagos-Calabar road project requiring ₦150 billion, the Sokoto-Badagry road projects, and various railway initiatives where the Chinese government has pledged 85% funding, with the Federal Government yet to provide the remaining 15% counterpart funds.

Bagudu emphasized that the supplementary budget aims to secure counterpart funding for railway projects that had stalled in the past year, notably the extensive Port Harcourt Main gauge project spanning multiple states. He also highlighted projects such as the Badagry-Tin Can Port-Lekki Port rail, Lagos-Ibadan Standard Gauge, and Kano-Maradi Standard Gauge, alongside provisions for essential rolling stock.

Additionally, the Minister disclosed a ₦522 billion allocation in the supplementary budget for water infrastructure, irrigation, and dam projects crucial for bolstering agriculture and food security initiatives. He underscored efforts to attract private sector investments in dam infrastructure to mitigate flooding and improve water supply reliability.

Bagudu further detailed allocations for expanding compressed natural gas infrastructure under the Renew Hope Agenda, citing its potential to enhance energy competitiveness and reduce costs compared to premium motor spirit. He highlighted successful trials of vehicles using compressed natural gas, underscoring its economic benefits.

In conclusion, Bagudu assured lawmakers that the projects outlined in the amended 2024 Appropriation Bill would not constrain revenue available for implementing the 2024 Appropriation Act, emphasizing their pivotal role in advancing agricultural development and ensuring food security objectives.

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