In a 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, announced that the proposed 2024 supplementary budget would be partially financed by the N50 billion Presidential Infrastructure Development Fund. This fund is currently managed by the National Sovereign Wealth Investment Authority (NSWIA).

However, Minister Bagudu emphasized that the N50 billion is insufficient to cover the costs of the ‘Renewed Hope Transformational Projects.’ As a result, the Federal Government is seeking an additional $2.5 billion loan from the World Bank to meet the budgetary requirements.

The supplementary budget, which is still under formulation, aims to finance four major transformational projects. These include 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 highlighted that the budget would allocate more funds to support projects involving Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG). These projects are intended to enhance the country’s energy competitiveness.

“The proposed supplementary budget is essential for the completion of key infrastructure projects that are 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 stated.

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

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