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The Federal Government of Nigeria has proposed a ₦6.2 trillion supplementary budget aimed primarily at implementing the new minimum wage and stimulating economic growth through infrastructural projects.
Key Points:
- Minimum Wage: ₦3 trillion of the budget will be allocated to cover the newly proposed national minimum wage. President Bola Tinubu has indicated that the bill for this wage increase will soon be presented to the National Assembly.
- Infrastructural Projects: The remaining funds will be directed towards various projects, including:
- Rail Projects: Funding will support several major rail projects, such as the Port Harcourt Main Bridge, Badagry-Tin Can Port, Lekki Port, Lagos-Ibadan Standard Gauge, and Kano-Marada Standard Gauge. A total of ₦530 billion is requested for these rail developments.
- Water and Irrigation: ₦522 billion will be invested in water, irrigation, and dam projects.
- Road Projects: Key road projects include the Lagos-Calabar road, requiring ₦150 billion, and Sokoto-Badagry road.
- Equity Contributions: The ₦3.2 trillion renewed hope infrastructural fund will provide equity contributions for these projects.
Details:
- Budget Breakdown: The supplementary budget is designed to complement the ₦28.7 trillion Appropriation Act approved for the 2024 fiscal year.
- Committee Oversight: Rep. Abubakar Bichi, Chairman of the House Committee on Appropriation, emphasized the need for transparency and detailed information on the budget allocations.
- Security and Infrastructure: The budget also aims to address infrastructural deficits and improve security, with ongoing efforts to secure lives across the country.
The proposed supplementary budget reflects a commitment to addressing pressing economic challenges and enhancing the nation’s infrastructure to support long-term growth and development.
