The Federal Government has announced that the proposed 2024 Supplementary Appropriation Bill will be partially funded with a $2.5 billion loan from the World Bank.
This was disclosed by the Minister of Budget and Economic Planning, Senator Atiku Bagudu, during a briefing with the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs.
Senator Bagudu explained that President Bola Tinubu had presented a memo to the Federal Executive Council detailing the need for the supplementary budget. The President inherited the Presidential Infrastructure Development Fund, housed in the National Sovereign Wealth Investment Authority, and identified several key transformational projects requiring funding.
Key projects highlighted include Lagos-Calabar Coastal Road, the proposed Sokoto-Badagri Road, the completion of ongoing railway projects, the rehabilitation and expansion of dams and irrigation schemes, and support for CNG and LNG infrastructure.
“These projects are what Mr. President designated as the infrastructure, renewed health infrastructure priority items,” Senator Bagudu stated. The proposed supplementary appropriation bill is currently in development and has not yet been submitted to the Federal Executive Council.
The Minister noted that the government is still assessing available revenue, especially in light of current economic challenges, exchange rate fluctuations, and ongoing minimum wage negotiations. Despite these uncertainties, the administration is moving forward with planning to ensure that critical infrastructure projects receive necessary funding.
