According to the Minister of Budget and Economic Planning, Senator Atiku Bagudu, the 2024 budget proposal will be partially funded by the N50 billion Presidential Infrastructure Development Fund (PIDF), which is currently under the management of the National Sovereign Wealth Investment Authority (NSWIA).
In any case, he noted that the N50bn was insufficient to support the “Renewed Trust Transformational Projects”, prompting the government to seek a $2.5bn loan from the World Bank.
Bagudu unveiled this while briefing the joint session of the Senate and House of Representatives Committees on National Planning and Economic Affairs with respect to the proposed Supplementary Appropriation Bill.
He disclosed that the World Bank’s management would before long convene to decide on the loan’s approval.
He said the entire supplementary budget, which was still being defined, would be designated to four identified transformational projects.
He equally mentioned the projects included the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagry Road, the completion of ongoing railway projects for which the federal government had not however provided counterpart funding, and the rehabilitation and expansion of dams and irrigation schemes to boost rural production.
Also, Bagudu expressed that the budget would distribute more funds to bolster Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to upgrade energy competitiveness.
The Chairman of the Senate Committee, Senator Yahaya Abdullahi, noted that altering the 2024 budget might be more effective than drafting a modern appropriation bill due to the high cost associated with handling it.
