₦6.2tn Budget Amendment: FG’s Infrastructure Investment Not Enough — Bagudu

In a recent statement, the Minister of Budget and National Planning, Atiku Bagudu, emphasized that Nigeria’s current infrastructure investments fall short of addressing the country’s pressing needs. During an interactive session at the National Assembly with the Senate Committee on Appropriation, Bagudu highlighted the challenges stemming from under-investment in critical multi-dimensional infrastructure.

The session was convened to discuss the ₦6.2 trillion supplementary appropriation approved for the 2024 budget, a request initiated by President Bola Ahmed Tinubu. The approval includes ₦3.2 trillion earmarked for major infrastructure projects such as the Lagos-Calabar coastal highway, the Sokoto-Badagry highway, and the Trans-Sahara highway.

Bagudu praised President Tinubu for his proactive approach in tackling Nigeria’s infrastructure deficit, describing the funding for these projects as a significant step toward economic revitalization. He noted that these infrastructure developments are expected to enhance economic activities and bolster the nation’s revenue base. The minister assured that the completion of these projects will lead to substantial economic transformation and strengthen Nigeria’s economic foundations.

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Despite the focus on these ambitious projects, Bagudu addressed concerns from committee members about ongoing and incomplete road projects across various constituencies. He reassured that the federal government remains committed to these projects and is not neglecting them in favor of new initiatives. The Federal Executive Council is expected to continue approving funds for existing road projects as resources become available.

While Bagudu did not provide a comprehensive breakdown of the supplementary appropriation, he offered a sectoral overview of the ₦3.2 trillion allocated to the Renewed Hope Infrastructure Projects and the additional ₦3 trillion increase in the recurrent budget component.

Senator Olamilekan Adeola, Chairman of the Senate Appropriation Committee, expressed confidence in the government’s ability to finance the 2024 budget. He urged the Minister to provide a detailed breakdown of the ₦6.2 trillion approval to the committee as soon as possible.

Source: Channel TV.

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