For one recent briefing to the joint session of the Senate and House of Representatives committees on National Planning and Economic Affairs, the Minister of Budget and Economic Planning, Atiku Bagudu, announce say the proposed 2024 supplementary budget go partly take money from the N50 billion Presidential Infrastructure Development Fund. This fund dey under the management of the National Sovereign Wealth Investment Authority (NSWIA).

But Minister Bagudu emphasize say the N50 billion no reach to cover the cost of the ‘Renewed Hope Transformational Projects’. As a result, the Federal Government dey seek an additional $2.5 billion loan from the World Bank to meet the budget requirements.

The supplementary budget, wey still dey under formulation, aim to finance four major transformational projects. These projects na the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagry Road, the completion of ongoing railway projects, and the expansion of dams and irrigation schemes to boost agricultural production.

In addition to infrastructure development, Bagudu highlight say the budget go allocate more funds to support projects wey involve Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG). These projects go enhance the country’s energy competitiveness.

“The proposed supplementary budget dey essential for the completion of key infrastructure projects wey critical to our national development. By investing in these areas, we aim to stimulate economic growth and improve the standard of living for all Nigerians,” Bagudu talk.

The minister’s announcement show the government’s commitment to advancing Nigeria’s infrastructure and energy sectors, aiming to boost the nation’s economy and ensure sustainable development.

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