The Federal Government has said that the proposed 2024 Supplementary Appropriation Bill would be partly funded with World Bank $2.5billion loan.
Speaking yesterday in Abuja while briefing the Joint Senate and House of Representatives Committee’s on National Planning and Economic Affairs over the proposed Supplementary Appropriation Bill, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said: “The supplementary budget that was announced or rather was mentioned, came about when Mr. President presented a memo to the Federal Executive Council.
“In the memo, he said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.
“He has also identified transformational projects, including Lagos – Calabar, Coastal Road; proposed Sokoto-Badagri Road; completion of all ongoing railway projects, which we have not provided counterpart funding.
“We also plan to fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy. Last but not the least, more money to support CNG, LNG.
“The three roads, dams and irrigation, and railways, is what Mr. President designated as the infrastructure, renewed health infrastructure priority items.
“So, that’s what he directed that the ministry prepare for appropriation supplementary appropriation bill. We have not finished work on the bill, we have not submitted the supplementary appropriation draft to the Federal Executive Council yet.
“So, many people have approached the ministry and indeed leadership of the National Assembly as well as many members asking about the renewed hope the supplementary appropriation.”
Further, he said: “We are not clear how much revenue we have, given the challenges of the moment.
“Yes, we have done some scenarios given the exchange rate fluctuation and the impact of the budget and even scenarios given the current minimum wage negotiation that is ongoing.”