The Federal Government has announced plans to submit a 2024 Supplementary Appropriation Bill to fund critical infrastructure projects. The Minister of Budget and Economic Planning, Senator Atiku Bagudu, revealed that the bill will be partially funded by the N50 billion Presidential Infrastructure Development Fund (PIDF). This move demonstrates the government’s commitment to delivering transformative projects that will drive economic growth and development.
The Supplementary Appropriation Bill will focus on four key projects: the Lagos-Calabar Coastal Road, Sokoto-Badagry Road, completion of ongoing railway projects, and rehabilitation of dams and irrigation schemes. These projects align with the government’s infrastructure priorities and will have a significant impact on the economy.
Federal Government: PIDF to Partially Fund Supplementary Appropriation Bill
The Presidential Infrastructure Development Fund (PIDF) will provide partial funding for the Supplementary Appropriation Bill. The PIDF, currently held within the National Sovereign Wealth Investment Authority (NSWIA), has an allocation of N50 billion. However, the minister expressed concerns that this amount may not be sufficient to finance the ambitious Renewed Hope Transformational Projects.
As a result, the federal government is seeking a $2.5 billion loan from the World Bank, in addition to exploring other revenue streams. The World Bank leadership is scheduled to convene shortly to deliberate on the loan application. This move demonstrates federal government’s commitment to securing funding for critical infrastructure projects.
Federal Government: Transformative Projects to Receive Funding
The Supplementary Appropriation Bill will allocate funds to four specific transformative projects. These projects include the Lagos-Calabar Coastal Road, Sokoto-Badagry Road proposal, completion of ongoing railway projects, and rehabilitation of dams and irrigation schemes. These projects align with the government’s infrastructure priorities and will have a significant impact on the economy.
The minister emphasized that the supplementary budget will focus on these four projects, which are critical to driving economic growth and development. Federal government’s commitment to funding these projects demonstrates its dedication to delivering infrastructure that benefits all Nigerians.
Federal Government: World Bank Loan to Support Funding PIDF
The federal government is seeking a $2.5 billion loan from the World Bank to support funding for the Supplementary Appropriation Bill. This loan will complement the N50 billion allocation from the PIDF and other revenue streams. The World Bank leadership is scheduled to convene shortly to deliberate on the loan application.
The minister expressed confidence in the loan application, highlighting federal government’s commitment to securing funding for critical infrastructure projects. This move demonstrates the government’s dedication to delivering transformative projects that will drive economic growth and development.
Federal Government: Supplementary Appropriation Bill in Final Stages
The Supplementary Appropriation Bill is currently in the final stages of preparation. The minister revealed that the bill has not been submitted to the Federal Executive Council yet, but will be done so soon. Federal government’s commitment to delivering this bill demonstrates its dedication to funding critical infrastructure projects.
The minister expressed appreciation for the interest shown by stakeholders in the Supplementary Appropriation Bill, highlighting the government’s commitment to transparency and accountability. The bill’s passage is expected to have a significant impact on the economy, driving growth and development in key sectors.
Federal Government: Infrastructure Priority Items
Federal government has designated the three roads, dams and irrigation, and railways as infrastructure priority items. These projects align with federal government’s infrastructure priorities and will have a significant impact on the economy. The minister emphasized that these projects are critical to driving economic growth and development, highlighting the government’s commitment to delivering transformative infrastructure.
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