FG awaits $2.5bn from World Bank to fund 2024 supplementary budget
Story from Usman UMAR
The Federal Government is set to request a $2.5 billion loan from the World Bank to supplement the N50 billion Presidential Infrastructure Development Fund (PIDF) in the National Sovereign Wealth Investment Authority (NSWIA) for the 2024 supplementary budget.
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, announced this in Abuja when briefing the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs.
Bagudu explained that the $2.5 billion would enhance the N50 billion, which he believed was insufficient for the Renewed Hope Transformational Projects under President Bola Tinubu’s administration.
President Tinubu had previously informed the National Assembly of his intention to present a Supplementary Appropriation Bill for consideration.
According to Bagudu, the budget would primarily focus on the transformational projects of the administration, potentially including provisions for the new national minimum wage.
The projects listed included the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagri Road, and the completion of ongoing railway projects lacking government counterpart funding.
Additionally, the budget would allocate funds for CNG and LNG projects to improve energy for transport and households, as well as the funding of the Trans-Saharan Highway inherited by the current administration.
Read also: Tinubu seeks approval of N2.1trn supplementary budget from House of Reps
Bagudu elaborated, “The idea of the supplementary budget arose when Mr.
President brought a memo to the Federal Executive Council.
In the memo, he highlighted the existing Presidential Infrastructure Development Fund housed within the National Sovereign Wealth Investment Authority.
He also identified key transformational projects, such as the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagri Road, and the completion of ongoing railway projects without counterpart funding.
“Bagudu explained that the ministry was still developing the supplementary appropriation bill and had not yet submitted it to the Federal Executive Council.
He acknowledged the inquiries from various stakeholders regarding the renewed hope and the supplementary appropriation.
Regarding the new wage demands by organised labour, Bagudu suggested that the budget might address this issue.
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