The Minister of Budget and Economic Planning, Senator Atiku Bagudu, has unveiled details of the proposed 2024 Appropriation Bill. It will be supported by the N50 billion Presidential Infrastructure Development Fund (PIDF) and a $2.5 billion loan from the World Bank. This insight was shared with the Joint Senate and House of Representatives Committee on National Planning and Economic Affairs.
President Bola Tinubu is expected to submit the bill to parliament for approval. The supplementary budget will focus on four transformational projects, including the Lagos – Calabar Coastal Road and the completion of ongoing railway projects. Additionally, the budget will fund the rehabilitation of dams, irrigation schemes, and CNG/LNG projects for enhanced energy competitiveness.
The minister also addressed concerns about the minimum wage agitation by organised labor and discussed the challenges affecting budget performance in 2024. Suggestions were made for amending the budget instead of a fresh appropriation to reduce processing costs. The executive arm of government has the flexibility to determine its approach to parliamentary approval.
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