The Federal Government has announced plans to use the ₦3 trillion recurrent component of the ₦6.2 trillion supplementary budget to pay the new national minimum wage and fund priority infrastructure projects.
Minister of Budget and National Planning, Atiku Bagudu, disclosed this while addressing the House of Representatives Committee on Appropriation.
According to Bagudu, the President will soon forward a new minimum wage bill to the National Assembly for approval, based on the agreed ₦70,000 new minimum wage for Nigerian workers.
He explained that the ₦3.2 trillion capital component of the supplementary budget is meant to provide additional funding for priority projects in road, rail, water, irrigation, and dam projects in the 2024 fiscal year.
“The sum of N522 billion was also provided in the supplementary budget for water, irrigation, and dams.We need to take bold measures on our water, irrigation, and dam infrastructure,” Bagudu said.
He added that the proposed budget aims to provide counterpart funding for rail projects, including the Lagos-Calabar coastal road, Sokoto-Badagry road, and the Africa-Sahara Highway.
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“In recognition of the fact that every year, when it rains, a lot of Nigeria is flooded, and soon thereafter, we are looking for water. So investment in water, irrigation, and dams has accelerated,” Bagudu explained.
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The Minister also highlighted the importance of Compressed Natural Gas (CNG), stating that the Ministry of Science and Innovation tested two vehicles from Abuja to Ibadan, one on premium motor spirit, which consumed ₦42,000 worth of oil, and one on CNG, which consumed ₦14,000 worth of CNG.
“So in order to help Nigerian citizens with this, we need more finance. The other investment in agriculture and food security, as well as the additional water resources, are to support ongoing projects for which the funding commitments are not adequate,” Bagudu said.
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