The National Assembly has approved the N6.2tn budget amendment bill for its third reading, with a significant portion of about N2tn designated for the Lagos-Calabar highway and various other road projects.
During the presentation of the bill, Senator Olamilekan Adeola, Chairman of the Senate Committee on Appropriation, submitted the committee’s report on the 2024 Appropriation (Amendment) Bill.
President Bola Tinubu sent a bill to the Senate on July 17, 2024, proposing an amendment to the Appropriation Act, 2024, to provide N6.2tn, with N3.2tn allocated for capital expenditure and N3tn for recurrent expenditure.
The allocation includes N700bn for the coastal road from Lagos to Calabar, passing through several states including Lagos, Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom, and Cross River.
Additionally, N530bn is earmarked for the Port-Harcourt to Maiduguri railway line which will pass through several states including Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe, and Borno.
Other projects to be covered by the appropriation bill include the Badagry to Tin Can Port, Lekki Port, Ijebu Ode, Kajola, and the African Trans-Sahara Highway.
The bill also allocates N200bn for the African Trans-Sahara Highway which will pass through Benue, Kogi, Nasarawa, and Abuja among others.
Furthermore, N349bn is designated for water, irrigation, dam development projects, while N75bn is allocated for the Livestock Development Programme.
Senator Olamilekan highlighted that the bill aimed to provide additional funds for infrastructure development projects across the nation to meet recurrent expenditure requirements such as the minimum wage increase.
The bill, following consultation with stakeholders and the Minister of Budget and Economic Planning, was passed for the third reading by the Senate President through a voice vote.
In addition, the House of Representatives approved a supplementary bill increasing the 2024 Appropriation Act from N28.7tn to N35.06tn, which includes allocations for various sectors and projects.
Chairman of the House Committee on Appropriation, Abubakar Bichi, led the debate on the bill and emphasized the importance of adopting the recommendations for effective budget implementation.
Speaking after the budget passage, Bichi expressed confidence in the successful implementation of the budget, ensuring funds availability for critical projects like the Lagos-Calabar highway and strategic rail routes.
He assured that engagements with relevant ministries and agencies will be ongoing to ensure the full execution of projects and delivery of promised dividends to the Nigerian populace.
Bichi affirmed that the allocated funds, including provisions for the minimum wage increase, are sufficient to cater to the approved expenditures and meet governance requirements until the end of the fiscal year.